SF Gate – The board of the San Francisco Employees’ Retirement voted 6-1 Wednesday to sink 5 percent of its $20 billion portfolio in hedge funds, a much smaller investment than its staff recommended last year.
In June, the staff of the city’s pension system recommended putting 15 percent of the fund’s assets — or $3 billion — in hedge funds as part of a portfolio makeover, but said it would be comfortable investing as little as 10 percent.
