San Francisco Employees' Retirement System

About San Francisco Employees' Retirement System

San Francisco Employees' Retirement System's investment portfolio is valued at $34.19 billion as of June 30, 2023, with investments in private equity, real estate, oil and gas, hedge funds, infrastructure, real assets, metal and mining, natural resources, agriculture, publicly traded equities, fixed-income securities, cash, and other alternative asset classes. Its returns for the 1 year, 3 years, 5 years, and 10 years were 4.25%, 10.71%, 8.48%, and 9.05%, compared to the benchmark return of 13.01%, 10.10%, 7.62%, and 8.42%, respectively. As of June 30, 2023, the private equity portfolio was valued at $10.10 billion, representing 29.5% of the total portfolio. This is a decrease compared to June 30, 2022, when the private equity portfolio was valued at $10.81 billion. The private equity portfolio is currently overweight compared to the target allocation of 23%. As of June 30, 2023, the fund's private equity return for the 1 year, 3 years, 5 years, and 10 years were 17.28%, 8.24%, 7.65%, and 8.89%, compared to the benchmark return of 16.14%, 10.97%, 7.65%, and 8.62%, respectively. Investments in private equity include buyouts, co-investments, private debt, direct lending, fund of funds, mezzanine, diversified private equity, private growth equity, and secondaries, and venture capital fund strategies diversified in geographical locations across the globe. The fund is open to any first-time fund investments. As of June 30, 2023, the real asset portfolio was valued at $5.2 billion. The fund's investments are governed by the executive management team, with Ms. Alison Romano serving as Chief Executive Officer & Chief Investment Officer. Aksia, Callan Associates, Cambridge Associates, and NEPC serve as L.P. Consultants.