San Antonio Fire and Police Retiree Health Care Fund

San Antonio Fire and Police Retiree Health Care Fund

The San Antonio Fire and Police Retiree Health Care Fund was established to deliver defined healthcare benefits to retired firefighters and police officers in San Antonio, Texas. Structured as a public pension plan, the fund operates under a Board of Trustees that directs both investment decisions and benefit applications, channeling worker contributions into a diversified portfolio. The fund pursues a multi-asset strategy spanning distressed debt, mezzanine, natural resources, timber, and early- through late-stage venture. Its investment structure blends fund-of-funds commitments with direct co-investments and secondary transactions, providing exposure to private markets without concentrating risk in a single vehicle. The geographic footprint centers on the United States, consistent with its municipal liability base. With assets approximating $580 million (Altss estimate), the fund maintains a mandate that reaches across early-stage seed and startup rounds, later-stage growth and expansion financing, and special situations like secondaries. The retirement system's dual-service focus — fire and police — reflects a compact, liability-driven investor rooted in San Antonio's public workforce. The fund's structural distinction lies in its narrow beneficiary pool: it serves only two uniformed services within a single municipality. That constrained mission shapes a similarly contained investment approach, pairing core public-markets exposure with private allocations that seek to match long-dated healthcare liabilities without the sprawling governance footprint of larger state-level plans.