San Bernardino County Employees' Retirement Association

San Bernardino County Employees' Retirement Association

San Bernardino County Employees' Retirement Association was established in 1945 to manage retirement benefits for county employees. It operates as a multiple-employer defined benefit plan under California statute. Debby Cherney leads the organization as Chief Executive Officer. The fund targets an 18 percent allocation to private equity and currently sits at 17.26 percent. Holdings include commitments to Adams Street Partners, Partners Group Direct Equity Fund V, and Patria Co-Investment Partnership Fund I. Real estate exposure runs through Kayne Anderson Real Estate Partners VII and TPG Angelo Gordon Essential Housing Fund III. Infrastructure and natural resources positions include Starwood Energy Infrastructure Fund and multiple timberland vehicles such as Hancock Timberland VIII LP. Geographic reach covers the United States and Europe. The organization employs 52 professionals at its San Bernardino headquarters. Donald Pierce was recognized in the CIO Magazine Power 100 in August 2025. SBCERA maintains memberships in SACRS, CALAPRS, the Council of Institutional Investors, and the CFA Institute. Service providers include NEPC as investment consultant and State Street Bank and Trust as custodian. SBCERA invests through a combination of fund commitments, co-investments, and separate managed accounts. This structure allows direct oversight of private market exposure while retaining external managers for specialized strategies. The board sets policy and delegates day-to-day decisions to the investment staff.