SFERS hires New York State Common’s Art Wang

Wang has a strong Asia pedigree, having previously served as head of US private equity for CDIB Capital, the overseas investment arm of China Development Financial Holdings, and as principal at Pacific Venture Partners where he was involved in cross-border PE and VC investments in the US and China.

During his three years at NYSCRF, Wang oversaw a $15 billion private equity portfolio for the third-largest pension fund in the US with more than $150 billion under management.

"I view private equity essentially as a management philosophy that emphasizes an ownership mentality, and an alignment of interests among constituents which enables a focus on long-term corporate value creation," Wang told AVCJ last year. "And I believe that the Asian market will soon become the largest in the world. This is why our fund, like many other institutions, has already taken advantage of some compelling investment opportunities there."

Under his stewardship, NYSCRF discarded its previous approach of investing in large pan-Asian buyout funds for a more targeted approach. It regards Asia Alternatives as a strategic partner, having invested $50 million in each of the fund-of-fund's second and third comingled vehicles and last year put $200 million into two managed accounts with the firm.

Both accounts made small commitments to Hony Capital V and NYSCRF followed up by investing $100 million in the fund, its first direct foray into an indigenous China fund.

SFERS' investment portfolio was worth $15.4 billion for the year ended June 2011. Of this, $1.9 billion - 12.5% - was committed to alternative investments, including $979 million in buyouts, $532 million in venture funds and $424 million in special situations. Real estate accounted for another $1.3 billion.

An alternative investment program was approved in late 2010 with a $300 million allocation for the 2011 calendar year. Commitments included $30 million for Baring Asia Private Equity Fund V.

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• Topics
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• LPs
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• San Francisco Employees’ Retirement System (SFERS)
• New York State Common Retirement Fund