San José Federated City Employees' Retirement System

About San José Federated City Employees' Retirement System

City of San José Federated City Employees' Retirement System's investment portfolio is valued at $3.15 billion, as of June 30, 2024, with investments in domestic and international equity, fixed income, private equity, hedge funds, real estate, real assets, natural resources, infrastructure, and cash. Its returns for the quarter, 1 year, 3 years, 5 years, and 10 years were 1.9%, 9.7%, 4.0%, 8.5%, and 5.8%, compared to the benchmark return of 2.0%, 9.8%, 4.0%, 8.3%, and 5.8%, respectively. As of June 30, 2024, the private equity portfolio was valued at $546.92 million, representing 17.4% of the total portfolio. The private equity allocation consists of $26.77 million invested in venture capital and $131.27 million in private debt strategies. This is a decrease compared to December 31, 2023, when the private equity portfolio was valued at $710 million. As of June 30, 2024, the fund's private equity return for the quarter, 1 year, 3 years, 5 years, and 10 years were 4.9%, 6.4%, 13.0%, 17.2%, and 13.5%, compared to the benchmark return of 0.0%, 6.5%, 10.2%, 15.3%, and 13.5%, respectively. Investments in private equity include buyouts, private debt, diversified private equity, private equity growth expansion, venture capital, funds of funds, and secondary fund strategies diversified in geographical locations across Europe, Asia, North America, and Oceania. The plan is not open to any first-time fund investments. As of June 30, 2024, the real asset portfolio was valued at $70.92 million. The fund's investments are governed by the Federated Retirement Plan Board, with Mr. Spencer Horowitz serving as Chairman of the Board. Meketa Investment Group, Verus Advisory, Inc. & Hanson Bridgett, LLP serve as the LP Consultants.