San Francisco City & County Employees' Retirement System announced investments and commitments totaling up to $1.2 billion in a report from CIO William J. Coaker Jr. for the upcoming board meeting Wednesday.
The $25.4 billion pension fund invested up to $500 million in WorldQuant's WMQS Global Equity Active Extension Offshore Fund, classified by SFERS as a global public equity active extension within its public equities portfolio. A funding source was not provided. A $250 million investment closed April 24, and SFERS expects to invest an additional $250 million in May, the report said.
As of April 30, the actual allocation to public equities was 34.8%.
In absolute return, SFERS made a direct hedge fund investment of $125 million in Eisler Capital Fund, a macro fund. The investment, which closed May 1, was made through San Francisco Absolute Return Investors II, a limited partnership between SFERS and Blackstone Alternative Asset Management.
As of April 30, the actual allocation to absolute return was 12.8%.
In real assets, the pension fund committed $100 million to Taurus Mining Finance Fund II, a natural resources fund managed by Taurus Funds Management. The pension fund previously committed up to $50 million to Taurus Mining Finance Annex Fund in 2017.
The pension fund also committed $100 million each to EMGVSC and Energy & Minerals Group Fund V, both natural resources funds managed by Energy & Minerals Group. The pension fund previously committed $25 million to EMG Iron Ore HC Lux in 2017. The pension fund also committed $75 million to Primary Wave Music Fund II, a royalties fund managed by Primary Wave Entertainment, the pension fund's first commitment to the manager.
As of April 30, the actual allocation to real assets was 16.1%.
In private credit, the pension fund committed $75 million to OrbiMed Royalty & Credit Opportunities III, a fund that invests in health-care royalty rights managed by OrbiMed Advisors. The pension fund previously committed $30 million to OrbiMed Private Investments VI in 2015.
The pension fund also committed $75 million to SSG Capital Partners V and $25 million to SSG Capital Partners V Sidecar, both Hong Kong-based distressed debt/special situations funds managed by SSG Capital Management. The pension fund previously committed $50 million each to SSG Capital Partners IV and SSG Secured Lending Opportunities II in 2017.
As of April 30, the actual allocation to private credit was 2.5%.
In private equity, the pension fund invested $20 million in Ellie Mae, a co-investment alongside private equity manager Thoma Bravo. It is the pension fund's first co-investment with the manager. SFERS previously committed $50 million to Thoma Bravo Fund XIII in 2018.
As of April 30, the actual allocation to private equity was 20.1%.