P&I – Board members at San Francisco City & County Employees’ Retirement System delayed a vote Wednesday on a plan to implement a hedge fund program for the second time in three months as they debated whether the investment is too risky.
But board members at the $20.6 billion pension fund insisted that they would make a final decision in 90 days on Chief Investment Officer William Coaker Jr.’s plan to create a 15% allocation to hedge funds. Mr. Coaker’s plan also reduces fixed income to 17% from 25%, global equities to 28% from 47% and adds a new alternative equity allocation of 12%.
