# San Diego County Employees' Retirement Association

San Diego County Employees' Retirement Association is a Pension Fund based in San Diego, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** San Diego, United States
- **Region:** North America
- **Address:** 2275 Rio Bonito Way, Suite 200, San Diego, CA, United States
- **Founded:** 1939
- **Assets under management:** 17700 (Altss estimate)
- **Website:** sdcera.org
- **LinkedIn:** https://www.linkedin.com/company/san-diego-county-employees-retirement-association

## Regulatory record

- **Reports private funds:** No

## About

The San Diego County Employees' Retirement Association was founded in 1939 to collect contributions and pay benefits for eligible county workers. David Kim was appointed CEO in February 2026, succeeding Tracy Sandoval. Stephen Sexauer serves as CIO. SDCERA targets a 6 percent allocation to private equity and maintains positions in real estate through vehicles such as Hines US Property Partners and PRISA III. It also holds commitments in infrastructure via Brookfield Americas Infrastructure Fund and maritime exposure through J.P.M. Global Maritime Investment Fund. Geographic reach centers on the United States with additional holdings in Europe and global strategies. The fund participates in co-investments and secondaries alongside external GPs. The association reports 17700 million USD in assets under management. It maintains memberships in SACRS and CALAPRS. In January 2025 the board approved additional real estate commitments to PRISA III and Invesco US Income Fund. Service providers include BNY Mellon as custodian and Aon Investments USA as general consultant. Governance rests with an independent Board of Retirement that sets policy separate from the County of San Diego. This structure requires annual actuarial valuations and public reporting of holdings.

## Sectors

- Real Estate
- Private Equity
- Infrastructure
- Private Credit

## People

- David Kim — Chief Executive Officer
- Stephen Sexauer — Chief Investment Officer
- Paul Dostart — Chair of the Board of Retirement

## Questions

### Who runs investment decisions at SDCERA?

Stephen Sexauer serves as Chief Investment Officer. Tom Williams is Deputy Chief Investment Officer. The Board of Retirement, chaired by Paul Dostart, sets overall policy.

### Does SDCERA participate in fund commitments or only direct deals?

SDCERA acts primarily as a limited partner in private equity, real estate, and infrastructure funds. It also maintains an SPV, SDCERA Public Pension Capital LLC, for select private equity exposure.

### What asset classes receive the largest allocations?

Public equities and fixed income form the core. Real estate and private equity each carry disclosed targets, with current private equity at 1.95 percent against a 6 percent target.

### How is SDCERA related to the County of San Diego?

SDCERA provides retirement benefits exclusively for county employees and other participating employers. It operates as an independent association under California law.

### Which sectors appear in SDCERA holdings?

Holdings include real estate, private equity, infrastructure, and commodities. Public equity positions feature technology names such as Apple, Microsoft, and NVIDIA.

## Related profiles

- [Aktia Bank](https://altss.com/profile/aktia-bank)
- [CMB International Asset Management](https://altss.com/profile/cmb-international-asset-management)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/san-diego-county-employees-retirement-association

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