San Diego City Employees’ Retirement System has launched an RFP for its first private markets consultant.
The $11.9 billion pension fund does not have a consultant for private equity, infrastructure and private credit. Historically, SDCERS has invested in private equity, infrastructure and private credit in separately managed accounts managed by StepStone Group and GCM Grosvenor.
SDCERS has a 15% target and 11.7% actual allocation to infrastructure, 10% target and 11.2% actual allocation to private equity, and 5% target and 2.1% actual allocation to private credit.
The RFP for is available on the pension fund's website. Proposals are due by 5 p.m. PST on Feb. 15, with a selection expected May 8.
Separately, the pension fund committed a total of $180 million to four alternative investment funds.
Pension fund officials committed $50 million each to Invesco U.S. Income Fund, an open-end core-plus real estate fund; PRISA III Fund, an open-end noncore real estate fund managed by PGIM Real Estate; and Golub Capital Direct Lending fund, a U.S. evergreen credit fund.
SDCERS also committed $30 million to Berkshire Multifamily Credit Fund IV, a real estate debt fund managed by Berkshire Residential Investments.