KUALA LUMPUR -- The San Francisco City & County Employees' Retirement System (SFERS) has committed $50 million to PAG's third special situations fund, according to a recent board meeting document. We had earlier reported that Hong Kong-based private equity firm PAG is targeting to raise up to $1 billion for its third special situations fund, PAG Special Situations Fund III. Besides SFERS, the vehicle has received a $75-million commitment from Texas Permanent School Fund. PAG Special Situations Fund III will target an annual net return of 15 percent.