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Employees’ Retirement Plan of the Denver Board of Water Commissioners
The Employees' Retirement Plan of the Denver Board of Water Commissioners provides retirement benefits to the municipal utility's career workforce.
Employees’ Retirement Plan of the Denver Board of Water Commissioners
The Employees' Retirement Plan of the Denver Board of Water Commissioners provides retirement benefits to the municipal utility's career workforce. The Denver Board of Water Commissioners, the plan sponsor, governs the fund through its five-member president and vice president structure. Denver Water CEO/Manager Alan Salazar, CFO Angela Bricmont, and Treasurer Leila Kleats share administrative and fiduciary oversight — there is no separate pension investment staff. The plan's exact founding year and current participant count are not disclosed in readily available public filings. The plan's investment portfolio reflects a tangible-asset orientation through fund commitments. Commercial real estate positions include RREEF America REIT II, Principal Real Estate INV U.S. Property, and Harrison Street Core Property Fund — each providing diversified, income-producing exposure to US commercial properties. The commitment to Harbert Value-Add Real Estate Fund tilts the real asset sleeve toward higher-return, repositioning-oriented strategies. Alongside these real estate allocations, the plan has made multiple venture capital fund commitments, though specific GP names and vintage years for the VC line items remain opaque in public materials. The Board of Water Commissioners, a five-member body led by President Dominique Gómez and four vice presidents, operates as the plan administrator. This governance model — a municipal board overseeing pension assets through executive staff rather than a dedicated investment committee — is consistent with mid-sized public utility pension plans. No external investment consultant, outsourced CIO relationship, or internal investment director is identified in available records. The real estate fund commitments imply reliance on institutional fund managers for asset selection and portfolio management. The plan's operational distinction lies in its embedded governance: pension administration runs through the utility's existing executive team rather than a walled-off investment office. This structure concentrates investment decision-making within Denver Water's CFO and Treasurer roles, creating a lean, non-specialist fiduciary model. The real estate-heavy allocation — spanning core, value-add, and REIT exposures — suggests a deliberate income-and-appreciation mandate prioritized over niche alternative strategies.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Denver
Corporate office
Denver, CO, United States
Principals
Alan Salazar
CEO/Manager of Denver Water
Angela Bricmont
Chief Financial Officer of Denver Water
Leila Kleats
Treasurer of Denver Water
Dominique Gómez
President of the Board of Water Commissioners
Sector focus
Frequently asked questions
Who manages investment decisions for this pension plan?
Investment oversight resides with Denver Water's CFO Angela Bricmont and Treasurer Leila Kleats, operating under the governance of the five-member Board of Water Commissioners. There is no dedicated chief investment officer or separate pension investment staff identified in public records. Day-to-day portfolio management is effectively delegated to the external fund managers of the commingled real estate and venture capital vehicles the plan commits to.
What asset classes does the plan invest in?
The plan's documented investment activity centers on commercial real estate and venture capital. Real estate commitments span core, value-add, and REIT strategies through partnerships with RREEF, Principal Real Estate, Harrison Street, and Harbert. Venture capital is also listed as a strategy, though individual VC fund names are not publicly detailed. The absence of disclosed fixed-income, public-equity, or infrastructure holdings in available records may reflect incomplete public disclosure rather than confirmed exclusion.
Does the plan invest directly in real estate or through funds?
All identified real estate exposure comes through commingled fund structures — RREEF America REIT II, Principal Real Estate INV U.S. Property, Harrison Street Core Property Fund, and Harbert Value-Add Real Estate Fund. There is no indication of direct property ownership, separate accounts, or joint-venture real estate investments.
What is the governance structure of the plan?
The Board of Water Commissioners — a five-member body with a president and four vice presidents — serves as plan sponsor and administrator. Denver Water's Chief Executive Officer, Chief Financial Officer, and Treasurer carry out the administrative functions. The plan does not maintain an independent investment committee or board of trustees separate from the utility's existing governance framework.
Is the plan's AUM publicly disclosed?
No. Comprehensive financial reports or actuarial valuations that would disclose total plan assets, funded status, or annual contribution levels are not readily accessible through public records. The plan's investment activity is documented only through identified fund commitments.
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