San Francisco City & County Employees' Retirement System will launch searches for a private equity consultant and private credit consultant on Friday.
The $27.4 billion pension fund's board approved issuing requests for proposals at its meeting Wednesday, said spokesman Stephen Worsfold in an email.
Cambridge Associates currently provides services for both the $5.6 billion private equity portfolio and $1.3 billion private credit portfolio. Cambridge was originally hired as private equity consultant in 2014 and added consulting duties for private credit in 2017.
SFERS will issue RFPs on Friday because Cambridge Associates' contract is expiring Feb. 1. 2021, according to a memo from investment staff. The firm is invited to rebid, Mr. Worsfold said.
As of June 30, the actual allocations to private equity and private credit were 21.5% and 4.9%, respectively.
The RFPs will be posted Friday on SFERS' website. Responses to both RFPs will be due at 5 p.m. PDT on Sept. 30. Selections are scheduled for Dec. 9.
Separately, the board on Wednesday rehired Cambridge Associates as real assets consultant. SFERS issued an RFP in March because Cambridge's contract was expiring. Meketa Investment Group was the other finalist.
As of June 30, the actual allocation to real assets was 15%.
Finally, the board also approved hiring Alatus Capital to run up to $300 million in active European equities. The investment in Alatus' long-only inflection separate account is part of the "ongoing evolution of the public equity portfolio from diversified, style‐constrained managers to concentrated, high-active share, unconstrained specialist fundamental equity strategies," according to a memo to the board from investment staff.
A funding source was not known. General investment consultant NEPC assisted in the hiring process.
As of June 30, the actual allocation to public equities was 34.4%.
