San Francisco pension hires private markets chief

The $16bn pension system has hired Art Wang, the private equity chief from the New York State Common Retirement Fund, to oversee private equity, real estate and real assets.

The San Francisco Employees’ Retirement System has found itself a new head of private markets.

The $16 billion pension system has hired Art Wang, the former head of private equity at the New York State Common Retirement Fund. Wang oversaw a $15 billion global private equity portfolio for New York State.

Wang, whose last day at New York Common was 16 January, has taken the title of managing director, private markets, with the San Francisco system. He will lead investments in private equity, real estate and real assets, according to a statement from San Francisco Employees’.

Prior to New York Common, Wang worked as executive director and head of US private equity for CDIB Capital, the overseas investment arm of China Development Financial Holdings. Before that, Wang worked as a principal with Pacific Venture Partners.

Wang joined New York Common in 2010. The Common Fund has a 10 percent target allocation to private equity, and, as of 31 March, 2012, its actual allocation stood at 9.6 percent. For now, the private equity portfolio will be overseen by a group of senior investment officers, and the system has initiated a search for a new private equity leader.

San Francisco, meanwhile, has been working with investment consultant Portfolio Advisors to build its private equity strategic plan for 2013. The programme has been led by head of private equity Glen Schwartz, and head of venture capital Tanya Kemp. The system’s monetary target to alternative investments, which includes buyout, venture capital and special situations, in 2012 was $350 million.