San Francisco ERS Commits $275M to Hedge Fund, Private Credit

The San Francisco Employees’ Retirement System (SFERS) committed a total of $275M to a hedge fund and a private credit vehicle.

Materials related to the pension’s board meeting on December 11 disclosed that the California-based ERS committed a total of $200M to FGP Redwood Fund, of which $125M has been funded as of December 1. SFERS initially committed $100M to the fund on March 13, and later committed another $100M in add-on investment after the fulfilment of the first investment. The pension said it will continue future disbursements to the Freestone Grove fund until the remaining $75M of the commitment has been fulfilled.

SFERS also closed a $75M investment in Blue Torch Credit Opportunities Fund IV on December 5, following board approval of the commitment on October 29. This marks the pension’s third and largest investment in Blue Torch Capital’s credit opportunities series, after it allocated $65M to Fund III in 2023, and $50M to Fund II in 2020, per Dakota data.

As of September 30, the San Francisco pension allocated 8.8% of its $41B total portfolio to private credit and 8.7% to hedge funds against a target weight of 10% each for both asset classes.

Written By: Dakota

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San Francisco ERS Commits $275M to Hedge Fund, Private Credit

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