Hedge Funds

Traffic crosses over the Golden Gate Bridge as seen from Fort Scott in San Francisco, California. Photographer: David Paul Morris/Bloomberg

San Francisco City & County Employees’ Retirement System approved an investment of up to $150 million in a hedge fund managed by Marble Ridge Capital, said a report from William Coaker Jr., chief investment officer, for the pension fund’s board meeting Wednesday.

The hedge fund invests in global distressed credit opportunities. The investment was made in closed session in May. The $24.5 billion pension fund previously approved a $50 million investment with Marble Ridge in March 2017.

The pension fund’s absolute return allocation as of May 31 was 9.5%; the target is 15%.

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