San Francisco ERS Commits $175M to Alternatives

The San Francisco Employees Retirement System (SFERS) has committed up to $175 million between four new alternative investments, according to the April 20 board meeting.

In private equity, up to $75 million was committed to the buyout fund, Parthenon Investors VII, managed by Parthenon Capital. In addition, up to $40 million was split between two venture capital funds managed by Eclipse Ventures; $25 million was allocated to Eclipse Fund, and $15 million was allocated to Eclipse Early Growth Fund II.

Up to $60 million was allocated to the private credit fund, Ares Pathfinder II Fund, managed by Ares Capital Management.

As of March 31, 2023, SFERS allocates 30.2% to private equity and 7.6% to private credit. They have target allocations of 23% and 10% to these asset classes respectively.

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