SFERS approves additional $200m investment in Asia Alternatives fund

Visual from Asia Alternatives Management website.

US pension fund San Francisco Employees’ Retirement System (SFERS) has approved an additional $200-million investment in the private equity vehicle managed by Hong Kong-based fund-of-funds Asia Alternatives Management.

The additional investment in San Francisco Asia Investors LP brings SFERS’ total commitment to the fund to $800 million through five tranches in 2014, 2015, 2017, 2018, and the latest one, which was approved on August 11.

The fund first raised $150 million in 2014, $200 million in 2015, $100 million in 2017, and $150 million in 2018, Asia Alternatives’s filings with the US Securities and Exchange Commission showed. In all of the filings, the PE firm said it secured commitments from just one investor.

Asia Alternatives is one of the largest independent Asian PE fund-of-funds, focuses on Greater China, East Asia, Southeast Asia, and Australia. It has offices in Hong Kong, Beijing, Shanghai, and San Francisco and reports over $13.5 billion in assets under management.

It currently manages Asia Alternatives Capital Partners LP ($515 million), AACP II ($950 million), AACP III ($908 million), Asia Alternatives Capital Partners IV LP, along with its sleeve fund focused on investments outside of Japan, AACP IV Ex-Japan Investors LP ($1 billion), and Asia Alternatives Capital Partners V LP along with its parallel fund, Asia Alternatives Capital Partners V (ERISA) LP ($1.515 billion), Asia-focused private equity Funds-of-Funds (FoF), plus other related fund vehicles.

Its portfolio is diversified across buyout, growth and expansion, venture capital and special situations funds, as well as direct co-investments and secondaries.

Meanwhile, SFERS disclosed that its assets returned an estimated 2.17% in August, led by real assets at 3.63% and public equity at 2.74%. Returns for private equity and private credit were strong as well at 2.34% and 2.01%, respectively.

For the entire year so far, the US pension fund said it generated an estimated return of 17.61%, led by PE, which has returned 41.59%. Its total assets at the end of August reached $36 billion.

Last month, SFERS approved a $25-million investment in the healthcare vehicle managed by Asia-focused private equity major Hillhouse Capital Group.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.