San Francisco City & County Employees' Retirement System disclosed new private credit, real estate and absolute return commitments and investments totaling $280 million in a report from CEO/CIO Alison Romano included with materials for its upcoming July 20 board meeting.
Within private credit, the $33.5 billion pension fund committed $75 million each to specialty finance fund Castlelake Aviation V Stable Yield and Cerberus Levered Loan Opportunities Fund V, a direct lending fund managed by Cerberus Capital Management.
SFERS previously committed $75 million each to Castlelake Aviation IV Stable Yield and Cerberus Levered Loan Opportunities Fund IV, both in 2020.
As of June 30, the pension fund's actual allocation to private credit was 9.2%; the target is 10%.
Within real estate, the pension fund committed $55 million to value-added real estate fund CapRock Partners Value-Add Industrial Fund IV.
SFERS previously committed $25 million to CapRock Partners Value-Add Industrial Fund III in 2021.
As of June 30, the pension fund's actual allocation to real assets was 15.7%; the target is 10%.
Within absolute return, the pension fund made direct hedge fund investments of $50 million in Torus Feeder 2, a quantitative hedge fund, and $25 million in Prism Feeder 2, a global macro fund, both managed by Qube Research & Technologies.
The investments were made through San Francisco Absolute Return Investors II, a limited partnership between SFERS and Blackstone Alternative Asset Management, and are the first for the pension fund to the manager.
As of June 30, the pension fund's actual allocation to absolute return was 9.2%; the target is 10%.
