San Francisco City & County Employees’ Retirement System disclosed new and follow-on commitments totaling $294 million in a report from CEO/CIO Alison Romano included with materials for its upcoming Feb. 12 board meeting.
Within private credit, the $36.7 billion pension fund committed $85 million to OrbiMed Royalty & Credit Opportunities V, a private credit fund that invests in healthcare royalty rights managed by OrbiMed Advisors.
SFERS previously committed $75 million to OrbiMed Royalty & Credit Opportunities IV in 2022.
The pension fund also made a follow-on commitment of $75 million to Presidio Loan Fund, a customized global senior debt fund of one managed by HPS Investment Partners. SFERS originally committed up to $275 million to the fund in 2020 and added $300 million in 2022.
Finally, the pension fund made a follow-on commitment of $60 million to Ares SFERS Credit Strategies Fund, a global senior debt fund managed by Ares Management. The pension fund originally committed up to $300 million to the fund in 2021.
As of Jan. 31, the pension fund’s actual allocation to private credit was 8.7%; the target is 10%.
Within its private equity asset class, the pension fund committed $24 million to Trinity Ventures 2024, a multiasset continuation venture capital fund.
Trinity Ventures 2024 was formed to recapitalize a group of portfolio companies from Trinity Ventures XI, a 2012 vintage fund, according to a Jan. 6 news release from Trinity Ventures announcing the closing of the continuation vehicle.
SFERS committed up to $20 million to Trinity Ventures XI in 2012.
As of Jan. 31, the pension fund’s actual allocation to private equity was 27.3%; the target is 20%.
Finally, in real estate, SFERS made a follow-on commitment of $50 million to Sculptor Real Estate Fund V, an opportunistic real estate fund managed by Sculptor Capital Management. The pension fund originally committed $75 million to the fund in 2024.
As of Jan. 31, the pension fund’s actual allocation to real assets was 13.9%; the target is 10%.
