News Briefs; San Francisco City & County makes changes to system's $3 billion alternatives program.

Pensions & Investments, October, 2003

SAN FRANCISCO - San Francisco City & County Employees' Retirement System approved a revamp of its $3 billion alternatives investments program, doubling allocations to special situation funds and small- to midsized buyout funds to 20% and 30%, respectively. Large buyout funds were reduced to 20% from 35% of the alternatives portfolio, while venture capital was shaved to 30% from 40%.

Portfolio Advisors, the $10.7 billion plan's alternatives consultant, recommended the moves. Separately, eight international small-cap equity managers were to be interviewed Oct. 23-24, with at least one firm to be hired to run a total of $250 million to $275 million. The firms are AXA Rosenberg; Brandes; DFA; Grantham Mayo van Otterloo; Morgan Stanley; and Wellington Management;...

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