LP profile · Pension fund
San Francisco Employees' Retirement System
San Francisco Employees' Retirement System is a pension fund headquartered in United States (North America). Ranked #64 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
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
- https://mysfers.org/about-sfers/sfers-profile/
- https://cdn.mysfers.org/uploads/2021/05/SFERS_AnnualReport_brochure_FY20_LowRes_F.pdf
- https://www.sfcitizen.com/san-francisco-employees-retirement-system-key-facts-impact/
- https://careers.sf.gov/role/?id=3743990006909906
- https://mysfers.org/about-sfers/investments/
- https://cdn.mysfers.org/uploads/2024/07/071024-12-SFERS-PE-Board-Update-2024-Package_vF.pdf
- https://realassets.ipe.com/news/sfers-targets-600m-real-assets-investments-in-fiscal-2025/10074656.article
- https://www.ai-cio.com/news/san-francisco-employees-retirement-system-becomes-major-esg-force/
- https://www.privatedebtinvestor.com/sfers-presents-a-new-framework-for-private-credit/
- https://cdn.mysfers.org/uploads/2021/01/01132021-08-Investment-Strategic-Plan.pdf