San Francisco puts $225 mln in real-asset funds

San Francisco Employees’ Retirement System at its meeting this month disclosed $325 million of new commitments to private equity and real-asset funds, the bulk of which went to real-asset strategies, an investment report from the system shows.

The largest single commitment, up to $100 million, went to Clearlake Capital Partners’ fifth flagship fund. Clearlake is targeting $2.5 billion for investments in software/technology, industrial, energy and consumer sector businesses.

Fund V, which can pursue special situations in addition to buyouts, is expected to be oversubscribed and could raise as much as $3.6 billion, sources with knowledge of the fund told Buyouts earlier this year.

The $23.8 billion retirement system also committed $75 million across a pair of vehicles being raised by Stonepeak Infrastructure Partners. The first $50 million will go toward Stonepeak’s third flagship fund, which could raise as much as $7 billion for investments in U.S. and Canadian infrastructure assets. San Francisco is committing another $25 million to a Stonepeak sidecar vehicle.

San Francisco made two other commitments to natural-resources-related funds as well, allocating $50 million each to Scout Energy Partners IV, Denham International Power SCSp and Gaw U.S. Fund III.

Scout Energy Partners, Dallas, invests in traditional oil and gas assets in the U.S. The target for its latest flagship fund could not be determined. The firm did not respond to a request for comment.

Denham Capital’s new fund for international power assets had raised a little more than $272 million through mid-November, an SEC filing says. The firm’s international power platforms are in emerging economies, with portfolio companies operating in Brazil, Africa and Southeast Asia.

Gaw Capital Partners, a Hong Kong real estate firm, is targeting $350 million for its new fund for U.S. investment opportunities, AltAssets reported this year. The firm is led by Co-Founders Goodwin Gaw and Kenneth Gaw.

San Francisco held $3.6 billion of its assets in PE through the end of November. Its real-assets program, which includes real estate and infrastructure holdings, was valued at a little less than $3.1 billion as of that date.

Action Item: For more on San Francisco Employees’ Retirement System, visit http://mysfers.org/

San Francisco Giants starting pitcher Madison Bumgarner on Jun 2, 2016, pitches to an Atlanta Braves batter in the first inning of their game at Turner Field in Atlanta. Photo courtesy Jason Getz-USA Today Sports