The San Francisco Employees’ Retirement System has committed $95 million to private equity and venture capital as it works to meet its overall $350 million alternatives target for the year.
The system is likely to hit that target by the end of the year, according to the system’s interim chief investment officer Robert Shaw, though that will be determined at the December board meeting.
“We’re very adamant about staying in the asset class, and upgrading our relationships,” Shaw said during an interview Monday. “We’re diligent about constantly investing.”
The $14bn system committed $50 million to Knightsbridge VIII-A and $15 million to Knightsbridge Venture Capital VIII. Knightsbridge is a venture capital fund of funds with a focus on early-stage investments, to which Shaw says the system has had a hard time getting access. The system also committed $30 million to ABRY Senior Equity IV, which is targeting $950 million.
The ABRY commitment marks the system’s 10th overall investment with the Boston-based firm, dating back to 1995, Shaw said.
San Francisco has a 16 percent target allocation to alternative investments, which encompasses buyouts, venture capital and special situations. The current allocation to the asset class stands at about 13.5 percent.
The system is working with its consultant, Portfolio Advisors, on building next year’s private markets plan. San Francisco’s head of private equity is Glen Schwartz, while its head of venture capital is Tanya Kemp, who was promoted to the position in the second quarter. Lindsey Adams is the head of real estate at the system.
San Francisco’s overall head of private markets position is vacant.