SF Pension Puts $145M to Work with Three PE Firms

The San Francisco City and County Employees Retirement System has invested $145 million in real estate, infrastructure, and venture capital funds.

The $34.5 billion pension system has allocated $70 million to The Milestone Group for its Real Estate Investors VI, a multifamily real estate fund. Milestone has not set a target for the fund, although its predecessor raised $750 million almost three years ago.

The pension fund had previously pledged $40 million to Milestone Real Estate Investors V in 2021.

SDC Capital Partners was awarded $60 million for the SDC Digital Infrastructure Opportunity Fund IV. The private equity firm filed with the SEC in January to begin fundraising for its fourth opportunity fund. While it did not specify a target for the vehicle, it stated that the raise is unlikely to continue for more than a year.

Fund IV’s predecessor received $55 million from the pension fund two years ago.

Institutional Venture Partners, a venture capital firm that invests in later-stage information technology businesses, has been given $15 million for its 18th flagship fund, in addition to the $50 million committed in January 2023.

As of the end of January, the pension fund’s allocation to private equity was 29.1%, with real assets accounting for 15.2%.