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City of Fresno Retirement Systems
The City of Fresno Retirement Systems administers two legacy pension plans: the Employees Retirement System, created in 1939 for general municipal workers, and...
City of Fresno Retirement Systems
The City of Fresno Retirement Systems administers two legacy pension plans: the Employees Retirement System, created in 1939 for general municipal workers, and the Fire and Police Retirement System, added in 1955. Both are overseen by Retirement Administrator Robert Theller and governed by separate boards — the Employees Board chaired by Ruthie Quinto and the Fire and Police Board chaired by Jonathan Lusk, a city fire captain. The City of Fresno serves as the plan sponsor and employer contributor. Portfolio construction leans heavily into alternatives. Real estate and infrastructure commitments dominate the real-assets sleeve: the fund holds positions in the JP Morgan Infrastructure Investments Fund, Ullico Infrastructure Fund, and a dedicated PIMCO European Data Centre Fund, alongside core real estate vehicles managed by Carlyle and Tristan Capital Partners. Private equity exposure spans buyout, growth, special-situations, and venture strategies — including early-stage co-investments — with manager relationships such as Oaktree Real Estate Opportunity Fund VII and PCCP Equity. The system also owns direct real estate, including its headquarters at 2828 Fresno Street and the CFRS Realty Holding Corporation, a mixed-use asset in Fresno. The plan participates in all major public pension networks: Theller sits on the board of the California Association of Public Retirement Systems (CALAPRS), and the system is a member of the State Association of County Retirement Systems (SACRS), the National Conference on Public Employee Retirement Systems, and the Institutional Limited Partners Association. In 2026, Robert Theller continued as Retirement Administrator and Ruthie Quinto assumed the chairmanship of the Employees Retirement Board, maintaining continuity in the system's senior oversight. The pension fund's structure as a municipal system gives it a distinct liability-driven posture. It blends conservative actuarial management with alternative-asset risk-taking to close funding gaps — a common pattern among mid-sized California public plans but executed here with a notably concentrated hard-asset tilt within a modest internal team.
General information
Firm type
Pension Fund
Year founded
1939
Location
Region
North America
Country
United States
City
Fresno
Corporate office
2828 Fresno Street, Fresno, CA 93721, United States
Principals
Robert Theller
Retirement Administrator
Chad Jacobs
Investment Officer
Ruthie Quinto
Chair of the Employees Retirement Board
Jonathan Lusk
Chair of the Fire and Police Retirement Board
Chris Cooper
Vice-Chair of the Fire and Police Retirement Board
Sector focus
Frequently asked questions
Who sets the investment policy for the two retirement systems?
Each system has its own board. The Employees Retirement Board, chaired by Ruthie Quinto as of 2026, governs general municipal worker assets. The Fire and Police Retirement Board, chaired by Fire Captain Jonathan Lusk with Chris Cooper as vice-chair, governs public-safety plan assets. Both boards coordinate through Retirement Administrator Robert Theller, who handles day-to-day management.
Does the City of Fresno Retirement Systems invest directly or through external managers?
The system uses an almost entirely external-manager model. Positions are held through commingled funds, co-investments, and separate accounts managed by firms including JP Morgan Infrastructure Investments Fund, Ullico, Carlyle, Oaktree, and Tristan Capital Partners. The fund also holds some direct real estate, such as its headquarters building and the CFRS Realty Holding Corporation.
What is the fund's allocation to real assets and alternatives?
Real assets and alternatives represent a significant portion of the portfolio. Confirmed names include core real estate funds with Carlyle and JP Morgan, the Tristan Capital Partners European fund, a PIMCO European Data Centre Fund, the Ullico Infrastructure Fund, and Oaktree's Real Estate Opportunity Fund VII. Private equity commitments span buyout, growth, venture, distressed, and special-situations strategies.
How are the Fire and Police Retirement System and the Employees Retirement System related?
They are two separate legal plans under a single City of Fresno administration. The Employees Retirement System was formed in 1939 for general municipal workers; the Fire and Police Retirement System was added in 1955 for sworn public-safety personnel. A single Retirement Administrator, Robert Theller, oversees both, but each plan retains its own board and trust.
What is the fund's posture on co-investments alongside external GPs?
The system participates in co-investments. Investment Officer Chad Jacobs manages relationships that include direct co-investment rights acquired through fund commitments. The strategy provides exposure to buyout, venture, and distressed-debt deals without the full freight of separate-account fees.
Which professional networks does the system participate in?
The City of Fresno Retirement Systems is a member of CALAPRS, where Retirement Administrator Robert Theller serves as a director, and SACRS. It also belongs to NCPERS and ILPA, the institutional limited partners association. These memberships provide access to manager due-diligence, trustee education, and peer benchmarking.
What geographic regions does the portfolio cover?
The portfolio spans North America, Europe, and globally diversified strategies. Specific assets include the JP Morgan Infrastructure Investments Fund (global), Ullico Infrastructure Fund (North America), PIMCO European Data Centre Fund, Tristan Capital Partners' European commercial-property fund, and Fresno-based real estate holdings.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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