San Francisco City & County Employees' Retirement System hired Select Equity Group to run up to $500 million in active international long-only equities, said Darlene Armanino, executive assistant, in an email.
The $24.5 billion pension fund's board approved the investment in the manager's Baxter Street separate account, which has been closed to new investors since the third quarter of 2017 and has been available for investing through a waitlist following redemptions and client rebalancing.
Funding will come from public equities managers; no managers will be terminated. Exact sources will be determined by staff at a later date.
As of Sept. 30, the actual allocation to public equities was 35.9%. The target is 31%.
Investment consultant NEPC assisted.