San Francisco pension makes $175 mln in venture commitments

The California pension invested across four vehicles from new and existing manager relationships.

The San Francisco Employees’ Retirement System closed on $175 million of commitments to venture funds in September.

The California pension invested across four vehicles from new and existing manager relationships, according to documents released at its Oct. 9 meeting.

SFERS invested in two vehicles operated by Knightsbridge Advisers. The fund committed $100 million to Knightsbridge H 2019 and $10 million to Knightsbridge A.

Knightsbridge A reached its $60 million target and Knightsbridge H 2019 reached its $100 million target in September, according to SEC documents.

The fund of funds Knightsbridge focuses on early-stage investing as well as secondary transactions. The firm partners with managers such as Khosla Ventures, August Capital, and Index Ventures, among others.

These mark the pension fund’s ninth and 10th commitments to Knightsbridge.

SFERS made a $40 million commitment to Longitude Venture Partners IV, which is targeting $550 million. This is the pension fund’s second investment into Longitude Capital, which focuses on growth deals in life sciences companies.

Lastly, the fund also announced a $25 million commitment to the LYFE Capital Fund III. The commitment is split between two sleeves of the fund, $20 million to the Dragon sleeve and $5 million to the Phoenix sleeve.

LYFE Capital is a healthcare-focused firm based in Shanghai.

San Francisco currently keeps its venture commitments in its private equity bucket. The pension fund targets an 18 percent allocation for private equity. It currently allocates 19 percent.

Other recent venture commitments from the pension fund include a $30 million commitment to US VI, a $20 million commitment to Versant Vantage I, and a $9 million commitment to the Lightspeed China Partners IV.

The pension fund serves more than 73,000 active and retired members. SFERS has more than $24 billion in assets under management.