A growing institutionalization of angel investing is giving the City & County of San Francisco Employees' Retirement System the opportunity to invest in funds providing seed money for entrepreneurs trying to create the next Facebook.
The $15.1 billion San Francisco system's $20 million commitment might make it the first pension plan to invest in a fund of funds focusing solely on angel investing.
“It has been uncommon for public plans to access the micro (angel fund) market due to the size of the funds focusing on it and the relative newness of institutional funds,” said Brian P. Murphy, a managing director of Portfolio Advisors LLC, Darien, Conn., a consultant to the San Francisco fund. “Developing a portfolio of micro VC funds in this manner is a unique solution for a pension plan.”
To read the full, original article click on this link: San Francisco finds opportunity in institutional angel fund - Pensions & Investments
Author: Randy Diamond
