US - The $11bn San Francisco Employees Retirement System (SFERS) has started its search for a new alternative investment consultant.
The SFERS currently has $1.65bn - 15% of its total assets - committed to alternatives. The search for a new consultant will close on November 29, and according to Wenling Chin, SFERS securities analyst, the incumbent consultant Cambridge Associates has been invited to reapply for the position.
The fund expects the selected firm to provide industry research, investment planning, portfolio monitoring, performance measurement and reporting for the SFERS' alternative investment portfolio.
Additionally, the fund is set to begin a search for a new general investment consultant. Earlier this month the SFERS board rejected a proposal that would have seen Cooper Consultants conduct a search for a new general investment consultant on behalf of the fund. Carl Wilberg, public equities manager at the SFERS, said that the proposal will be put before the board again at the end of the month.
October has been a busy month for the SFERS - last week the fund awarded Blackstone, the New York-based alternative investment firm, a $35m private equity mandate. The SFERS also revealed that David Kushner had been hired as its new deputy director for investments, a new position at the SFERS.
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