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Retirement board hears annual private-credit review; staff says portfolio delivering steady income and nearing 10% target
Summary
Staff and Cambridge Associates presented a detailed annual review of the retirement system’s private credit program, reporting multi-year outperformance, steady distributions, and near-target allocation while cautioning about market competition and manager consolidation.
The San Francisco Retirement Board on June 30 received the annual private credit program review, a detailed presentation from staff and Cambridge Associates that described the program’s performance, exposures and ongoing initiatives.
Kurt (presenting the program overview) told the board the private credit portfolio delivered consistent returns: “In the calendar year, it was up around 9% and has generated a return of 9.7% since inception,” he said, summarizing performance as of the December reporting window. Staff noted the program has committed roughly $6.3 billion across 108 funds, with about $5.2 billion called and a paid-in multiple (TVPI) of approximately 1.3x.
Nut graf: The review framed private credit as an income-oriented strategy that…
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