San Francisco pension seeks private credit manager as similar openings proliferate elsewhere

The San Francisco Employees’ Retirement System has opened a search for a senior portfolio manager of private credit as it expands its private credit portfolio.

It’s one of several employers looking to fill similar roles.
Reporting to the director of private credit, Eunice McHugh, the new senior portfolio manager at San Francisco Employees’ would help oversee a “complex and growing” private credit portfolio valued at $2.2 billion as of June 30, 2022, according to the job posting. At that time, the 6.6 percent weighting was well below the 10 percent target allocation set by the $33.2 billion pension fund.

Qualifications: To qualify for the post candidates should have “meaningful” and “active relationships” with private credit managers, experience underwriting private credit strategies, as well as a willingness to travel up to 20 to 25 percent of the time. The starting salary range for the position is $183,768 to $234,572.

The Portfolio: The new senior portfolio manager of San Francisco ERS will have plenty of new private-credit funds to monitor. According to minutes from the pension fund board’s December 13 and January 10 meetings, San Francisco ERS has recently committed $80 million to Crayhill Principal Strategies Fund III LP, up to $75 million to Magnetar Structured Solutions Fund LP and up to $25 million to Arrow Global/SFERS Co-Invest Partnership.

The Trend: San Francisco Employees’ is hardly the only organization looking for experts in evaluating private credit, as the asset class surges in popularity with both limited and general partners. Other recent searches include the following:

  • Ontario Teachers’ Pension Plan in Ontario, Toronto has an opening for a director of private credit risk;
  • London-based money manager Pantheon Ventures has an opening for New York City-based senior associate of private credit investments;
  • Darien, Connecticut-based money manager Portfolio Advisors has recently had an openingfor an associate-credit secondaries;
  • In early February, we reported on plans by Teachers’ Retirement System of the State of Illinois to hire four investment officers in Chicago and Springfield devoted to private credit investments;
  • Texas Municipal Retirement System of Austin, Texas has an opening for a portfolio manager of private credit.

Leave a Reply

Your email address will not be published. Required fields are marked *