The board of the San Francisco Employees’ Retirement System is scheduled to vote Wednesday on a controversial proposal to invest $3 billion — 15 percent of its assets — in hedge funds. The vote comes less than two months after the giant California Public Employees’ Retirement System announced it will exit all hedge funds over the next year “as part of an ongoing effort to reduce complexity and costs in its investment program.” William Coaker Jr., who joined the system Jan.

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