SF
LP profile
San Francisco Employees' Retirement System
Pension fund · San Francisco, United States
236
VC firms backed
$32B
AUM
~$640M
Allocated to VC (est. 2%)
01 · Background
Who San Francisco Employees' Retirement System is.
- Historical Background
- The San Francisco Employees' Retirement System (SFERS) was established following approval by city voters on November 2, 1920, and the California State Legislature on January 12, 1921. Its origins trace back to a fund created in 1889 to support the families and orphans of firefighters and police officers. SFERS administers both a defined benefit Pension Plan for active and retired members and a 457(b) Deferred Compensation Plan.
- Source of Capital
- The system's capital is derived from contributions to provide pension benefits for the more than 74,000 active and retired public employees of the City and County of San Francisco.
- Major Events
- A notable development in the system's recent history involves its approach to environmental, social, and governance (ESG) factors. Following a 2013 resolution from the San Francisco Board of Supervisors urging divestment from fossil fuels, the institution has since become a significant force in ESG-focused investing.
- Allocation Strategy
- SFERS allocates capital across a diverse range of asset classes, including public and private equity, private credit, real assets, and absolute return strategies. The private equity portfolio is diversified across buyouts, venture capital, and growth equity. For the 2025 fiscal year, the system is contemplating an allocation of up to $600 million for real asset investments. The stated investment policy is to take a long-term perspective of capital markets with a strategic plan designed to lessen the impact of significant market downturns.
Sources
- mysfers.org/about-sfers
- cdn.mysfers.org/uploads
- sfcitizen.com/san-francisco-employees-retirement-system-key-facts-impact
- careers.sf.gov/role
- mysfers.org/about-sfers
- cdn.mysfers.org/uploads
- realassets.ipe.com/news
- ai-cio.com/news
- privatedebtinvestor.com/sfers-presents-a-new-framework-for-private-credit
- cdn.mysfers.org/uploads
02 · Fund commitments
The funds San Francisco Employees' Retirement System backs.
San Francisco Employees' Retirement System is a limited partner in 236 funds. 32 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
New Enterprise Associates
#8 Power Law
Insight Partners
#23 Power Law
Bain Capital Ventures
#44 Power Law
Battery Ventures
#54 Power Law
Venrock
#56 Power Law
Balderton Capital
#59 Power Law
Notable Capital
#61 Power Law
TCV
#67 Power Law
Menlo Ventures
#75 Power Law
IVP
#84 Power Law
OrbiMed
#98 Power Law
Canaan
#103 Power Law
Threshold Ventures
#115 Power Law
Luminous Ventures
#371 Power Law
Aberdeen Asset Management
Actis
AEW Invest
Apax Partners
ArchiMed
ArchiMed
Arrow Global
Ashmore Group
Baring Private Equity Asia
BC Partners
BGH Capital
BioTrack Capital
Brevan Howard Asset Management
ByteDance
Capvis
CBC Group
CMC Capital
CPE Capital
EMR Capital
Ethos Mezzanine Partners
FountainVest Partners
Gaw Capital
Hahn & Co
Tamir Fishman Ventures
03 · Allocation
How San Francisco Employees' Retirement System’s fund book is spread.
The 236 funds San Francisco Employees' Retirement System backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 16972%
- Europe 3917%
- Rest of world 2812%
United States 169 · United Kingdom 27 · China 10 · Hong Kong 6
How established those managers are
Managers grouped by how many funds they have raised — across the 160 of 236 with a fund history on record.
Emerging funds · 67
Established funds · 93
36
1
21
2
10
3
9
4
21
5-6
27
7-9
21
10-14
15
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to San Francisco Employees' Retirement System by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
New York State Common Retirement Fund
$298B AUM
120 VC funds backed
🇺🇸
New Mexico State Investment Council
$35B AUM
135 VC funds backed
🇦🇺
AustralianSuper
$310B AUM
65 VC funds backed
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Pennsylvania State Employees' Retirement System
$42B AUM
122 VC funds backed
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IMRF
$57B AUM
109 VC funds backed
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LACERS
$22B AUM
112 VC funds backed
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Texas County & District Retirement System (TCDRS)
$38B AUM
103 VC funds backed
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IBM Personal Pension Plan
$40B AUM
92 VC funds backed