The pension system will need to make major new investments in 2019 to keep its large private markets portfolio intact. In the case of private credit, the investments will also help build the asset class.
Tag: San Francisco Employees’ Retirement System
Dimensional Fund Advisors is the latest manager to be fired by the SFERS board due to performance issues for two of its investment strategies.
The investment made up 6.5% of the system’s approximate $3.5 billion small cap strategy.
In the span of a year, the system has become one of the largest players among US pension systems.
The New York City firm is selected to manage an international portfolio even as other international equity strategies are being trimmed of their assets.
AQR, William Blair, and DFA all have seen their international equity strategies reduced by the San Francisco Employees’ Retirement System.
The San Francisco system makes four more private market commitments, adding to the more than $3 billion already committed this year.
The plan has committed more than $3 billion overall in 2018 to private markets as CIO William Coaker Jr. builds up the alternatives portfolio.
Private equity, real estate, and natural resources funds also represented.
Stock of Hess Corp. will be divested along with other energy companies if they don’t justify oil and gas reserves and stop denying climate change.
The plan also calls for the hiring of a director of socially responsible investing.