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San Francisco pension’s Glen Schwartz to retire later this month

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San Francisco Employees’ Retirement System, SFERS, private equity, pension fund, Glen Schwartz,
San Francisco's Board of Supervisors and community advocates vow to stand firm against President Donald Trump's executive order on immigration outside of City Hall in San Francisco, California, U.S., January 31, 2017. REUTERS/Kate Munsch - RTX2Z2YU
  • A senior investment officer for PE, Schwartz worked at SFERS for 19 years
  • Previously worked for CalSTRS
  • SFERS inks three commitments to PE in March, April

San Francisco Employees’ Retirement System Senior Investment Officer Glen Schwartz is retiring after 19 years there, retirement system documents show. His last day is April 21.

Prior to SFERS, Schwartz worked for California State Teachers’ Retirement System. He went to school at California State University, Sacramento.

San Francisco’s private equity team is led by Art Wang, formerly of Goldman Sachs, Pacific Venture Partners and New York State Common Retirement Fund. Director Tanya Kemp leads the retirement system’s efforts in venture capital.

“Glen has been instrumental in the excellent success of our private equity program over the past nearly two decades,” CIO William Coaker wrote in a memo for the $21.5 billion retirement system’s board.

SFERS has launched a process to find a successor to Schwartz, Board Secretary Norm Nickens told Buyouts in an email. His responsibilities will be allocated across current staff.

SFERS’s $2.9 billion PE portfolio has generated a 15.7 percent internal rate of return since its inception. The portfolio represents 13.9 percent of San Francisco’s total assets.

Recent Activity

The retirement system made three commitments to private equity in March and April, Coaker’s memo says.

The largest went to Vista Equity Partners’ small-market buyout fund, Vista Equity Endeavor Fund I, which is targeting $400 million with a $500 million hard cap. SFERS secured a $60.5 million allocation to the vehicle on April 5 after approving a commitment of as much as $75 million in March.

Buyouts previously reported Vista was expecting to hold a final close in March or April.

SFERS received a $50 million allocation to Rise Fund, a $2 billion impact-investing fund managed by TPG Growth, on March 8. The retirement system previously approved a commitment of up to $100 million in December.

The smallest of SFERS’s recent commitments was $42.8 million to MCP Private Capital Fund III, a growth equity fund managed by MCP Capital. Fund III’s target could not be determined. The firm did not respond to requests for comment.

Action Item: For more information about San Francisco and its investment portfolio, visit www.mysfers.org/