The San Francisco Employees’ Retirement System set aside $150 million to three private debt vehicles at last week’s meeting, according to documents from the Northern California pension fund.
SSG Capital Management garnered $100 million from SFERS for two vehicles – $50 million each for SSG Capital Partners IV and SSG Secured Lending Opportunities II– and Abry Partners secured $50 million for its Abry Senior Equity V fund. Both commitments were made out of SFERS’ opportunistic fixed-income bucket.
SFERS previously committed $50 million to the predecessor fund, SCP III, which locked down $915 million, surpassing the fund’s $800 million target. SSG closed SSLO I fund in October 2015 at $325 million, clearing its $300 million target.
In December, Hong Kong-based SSG received two commitments of $35 million each for its SCP IV, a distressed debt fund, and SSLO II, a senior debt fund, from the University of Michigan. The investment vehicles have targets of $1.25 billion and $750 million, respectively.
For its part, Boston-based Abry has secured commitments from the Illinois Municipal Retirement Fund ($25 million), the New York State Teachers’ Retirement System ($83 million) and the Virginia Retirement System $26.4 million) for ASE V. The fund lists a $1.05 billion target and targets mezzanine debt and preferred equity investments. SFERS’ ASE V commitment came from its private equity allocation.
SFERS, a $21.21 billion pension fund, oversees both defined-benefit and defined-contribution benefit plans. SSG focuses on special situations investments in Asia, while Abry manages more than $4.9 billion and makes private equity and senior debt investments.