The City & County of San Francisco Employees’ Retirement System has committed $20 million to institutional angel funds, Pensions & Investments reports. The system has invested with Weathergage Capital, a fund-of-funds manager that invests in angel and other venture capital funds.

The investment is a separate account for the San Francisco system. It will be an offshoot of another $20 million allocation in a separate Weathergage fund of funds that invests in a range of venture capital funds, including some angel funds.

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