San Francisco City & County Employees' Retirement System disclosed four commitments totaling $215 million in a report from CIO William J. Coaker Jr. for Wednesday's upcoming board meeting.
The $25.4 billion pension fund committed $75 million to Carnelian Energy Capital III, a natural resources fund focused on North American energy investments managed by Carnelian Energy Capital Management. SFERS previously committed up to $75 million to Carnelian Energy Capital II in 2017.
As of April 30, the actual allocation to real assets was 16.1%.
SFERS also committed $60 million to Vista Equity Endeavor Fund II, a buyout fund managed by Vista Equity Partners Management, and $30 million to e.ventures U.S. VI, a venture capital fund. The pension fund previously committed $50 million to Vista Equity Partners Fund VII in 2018, and this is SFERS' first commitment to an e.ventures fund.
As of April 30, the actual allocation to private equity was 20.1%.
Finally, the pension fund committed $50 million to PAG Special Situations Fund III, an Asian-focused distressed debt/special situations fund. SFERS previously committed $50 million to PAG Asia Capital Fund III in 2018.
As of April 30, the actual allocation to private credit was 2.5%.
Separately, the pension fund announced in the report a preliminary estimated return of 7.81% for the fiscal year ended June 30.
Preliminary estimated returns by asset class were led by private equity, which returned an estimated 17.47% for the fiscal year, followed by private credit at 10.68%, real assets at 8.59% and public equities at 5.84%. Annualized returns for longer periods, other asset class returns and the total allocation as of June 30, were not made available.