SFERS commits $90 million to private equity

The San Francisco Employees Retirement System allocates to Centerbridge & Advent

The San Francisco Employees Retirement System (SFERS) has allocated $90 million to private equity according to recently released meeting documents.

SFERS will allocate $50 million to Centerbridge Capital Partners III. The fund focuses on generalist control or distressed for control investments in the US and Western Europe. The fund has a $5.75 billion target and $6 billion hard-cap, although reports suggest Centerbridge blew past that number, attracting some $11 billion in interest in just six weeks. Other known investors in the fund include Pennsylvania Public Schools Employees’ Retirement System.

The Los Angeles County Employees Retirement Association (LACERA) is also considering an investment of up to $100 million into Centerbridge’s fund III, according to meeting documents.

SFERS also allocated $40 million to Advent Latin American Private Equity Fund VI. That fund will focus on control buyouts and expansion financings with a pan-regional exposure. The fund is targeting $2 billion. Advent Latin American Private Equity Fund IV is reporting a net IRR of 13.0 percent according to fund performance data included in recent CalPERS meeting documents.

Both funds are expected to close this month.