San Francisco City & County Employees' Retirement System disclosed $175 million in new alternative fund commitments in a report from CEO/CIO Alison Romano included with materials for its upcoming April 20 board meeting.
The $33.2 billion pension fund committed $75 million to Parthenon Investors VII, a growth equity fund managed by Parthenon Capital Partners; $60 million to Ares Pathfinder II, a private credit fund managed by Ares Management; and $25 million and $15 million, respectively, to Eclipse Fund V and Eclipse Early Growth Fund II, both venture capital funds managed by Eclipse Ventures.
SFERS previously committed $300 million to Ares SFERS Credit Strategies Fund in 2021 and $25 million to Eclipse Fund III in 2019. Parthenon Capital is a new manager for the pension fund.
As of March 31, the pension fund's actual allocations to private equity and private credit were 30.2% and 7.6%, respectively; their respective targets are 23% and 10%.