US - The $12bn San Francisco Employees Retirement System (SFERS) has awarded Blackstone, the New York based alternative investment firm, a $35m private equity mandate.
The SFERS will commit $35m to the new Blackstone Capital Partners (BCP) IV fund, Carl Wilberg, public equities manager at the fund, said. The new BCP fund will invest in leveraged buyouts, joint ventures, partnerships, recapitalisations and growth capital investments.
The BCP series of funds invest in a variety of sectors, including manufacturing, transportation, entertainment, energy, communications and waste management. The firm has raised over $6bn through BCP funds one to three.
Wilberg also said that the fund has hired David Kushner as its new deputy director for investments, a new position at the SFERS. Prior to his appointment, Kushner was an independent consultant. He replaces Carolyn Hamilton, the SFERS' former chief investment officer (CIO), who retired in July.
Wilberg explained that following Hamilton's retirement, the SFERS decided to change its management structure, rather than hire a direct replacement. Whilst Hamilton reported directly to the SFERS board as CIO, Kushner will instead report to the executive director, Clare Murphy.
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