旧金山政府养老金董事会考虑将大约4亿美元的资金投资给在上海和深圳上市的中国A股。

The San Francisco City & County Employees' Retirement System board will consider an opportunistic allocation of roughly $400 million to actively managed China A shares listed in Shanghai and Shenzhen. 

管理着200亿美元养老基金的首席投资官William J. Coaker Jr.，上月向董事会提交了材料，建议向两家位于北京的投资公司润晖投资（Cephei Capital）和淡水泉投资（Springs Capital）分别投资2亿美元的资金。

Materials presented to the board last month by William J. Coaker Jr., chief investment officer of the $20 billion pension fund, recommended allocations of up to $200 million each for two Beijing-based managers: Cephei Capital and Springs Capital. 

Coaker提交的材料称，这个建议是养老基金首次在公开市场投资组合中进行“非美国国家特定投资”，并将被归为该投资组合的机会主义部分。

The recommendations are the pension fund's first for “a non-U.S. country specific investment” within its public markets portfolio and will be included in the opportunistic segment of that portfolio, the materials said. 

董事会可能在6月8日的会议上讨论该建议。

The board could take up the recommendation at its June 8 meeting. 

如果获得批准，这将是美国养老基金向中国A股配置的最大额度之一，并且其配置行动将赶在指数提供商摩根士丹利资本国际公司（MSCI）宣布是否从明年开始将A股纳入全球和新兴市场基准指数的一周之前。

If approved, the allocation to China A shares would be one of the largest by a U.S. pension fund. It would come, meanwhile, roughly a week before equity index heavyweight MSCI is set to announce whether it will begin adding A shares to its global and emerging markets benchmark indexes starting next year. 

提交给旧金山政府养老金董事会的材料显示，养老基金的投资人员在10月份开始寻找A股的机构投资者，并要求提供相关信息。一个月后，Coaker前往中国内地和香港，对七名回复的机构投资者进行审查。

The materials presented to the San Francisco board said the pension fund's investment staff launched its search for A-shares managers in October with a request for information. Mr. Coaker traveled to China and Hong Kong the following month to vet the seven managers that responded. 

在5月初提交给董事会的另一份报告中，养老基金的投资顾问NEPC指出，旧金山的投资人员最终从这七家公司筛选出了润晖投资和淡水泉投资，并对它们提出尽职调查要求。

In a separate report submitted to the board at the beginning of May, the pension fund's general investment consultant, NEPC, noted it was called in to conduct due diligence after San Francisco's investment staff had winnowed the seven down to Cephei Capital and Springs Capital. 

NEPC的结论是，对润晖投资和淡水泉投资的投资配置，将使旧金山政府养老金有机会在低效率的深度市场“先于其他许多投资者直接触达中国的增长故事”。

NEPC concluded that allocations to Cephei Capital and Springs Capital would give San Francisco opportunities to “directly access growth stories in China prior to many other investors,” in a deep market with inefficiencies to exploit. 

尽管在今年1月之前NEPC还没有对这两家公司进行尽职调查，但NEPC认为，从长期来看这两家公司的收益率将继续超过基准。

While noting that prior to January it hadn't previously done due diligence on either firm, NEPC expressed confidence that both managers will continue to outperform benchmark returns over the long term.