# San Francisco City & County Employees’ Retirement System (SFERS)

San Francisco City & County Employees’ Retirement System (SFERS) is a Pension Fund based in San Francisco, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Assets under management:** $30B - $40B (Altss estimate)
- **Website:** sfers.org

## Regulatory record

- **Reports private funds:** No

## About

The San Francisco City & County Employees’ Retirement System (SFERS) operates as a public defined-benefit pension fund for municipal workers. Its founding dates to an era when California public funds began formalizing retirement benefits after the turn of the 20th century, though precise founding year is not publicly highlighted by the firm. SFERS pursues a diversified portfolio spanning private equity (buyout-focused), real estate (commercial and residential funds), infrastructure, digital assets, and alternative income streams. The fund's strategy includes partnerships with Blackstone Alternative Asset Management in vehicles like San Francisco Absolute Return Investors II; real estate exposure via Milestone Real Estate Investors VI, Sculptor Real Estate Fund V, GCP SecureSpace Property Partners, and JEN 8 US Residential Fund; digital assets through Pantera Capital Digital Asset Funds and Haun Ventures; and a stake in Primary Wave Music IP Fund 4. Geographic footprint covers US and global markets. Total assets are undisclosed publicly but estimated at $30B-$40B (Altss estimate). The fund is governed by the Retirement Board, currently presided over by Scott Heldfond. SFERS reports to the City and County of San Francisco as its sponsoring government entity. The firm is a member of the Principles for Responsible Investment (since 2017), Council of Institutional Investors, Ceres Investor Network, and Institutional Limited Partners Association. SFERS’ structural differentiator is its hybrid approach as a public pension fund with a relatively high allocation to alternative assets and emerging strategies such as digital assets and music royalties — an unusual posture for a municipal retirement system. Its governance includes an active Retirement Board and embedded ESG commitments through multiple climate and sustainability networks.

## Sectors

- Infrastructure
- Real Estate
- Private Equity
- Hedge Funds
- Digital Assets
- Music IP

## People

- Alison Romano — CEO and Chief Investment Officer
- Scott Heldfond — President of the Retirement Board

## Questions

### Who runs investment decisions at SFERS?

Alison Romano serves as CEO and Chief Investment Officer, leading the fund's investment strategy and operations (per the firm's official communications). The Retirement Board, presided over by Scott Heldfond, provides governance and oversight.

### Does SFERS invest primarily in public markets or alternatives?

SFERS maintains a significant allocation to alternative assets, including private equity (buyout-focused), real estate (commercial and residential funds), infrastructure, hedge funds (via vehicles like Blackstone's San Francisco Absolute Return Investors II), digital assets, and music IP. It also holds traditional fixed-income exposure such as government bonds.

### How does SFERS access digital asset and emerging asset classes?

The fund has committed to digital asset vehicles including Pantera Capital Digital Asset Funds and Haun Ventures, as well as a stake in Primary Wave Music IP Fund 4, reflecting an early-adopter approach among public pension funds to alternative income streams and venture-backed strategies.

### Is SFERS structured as a standalone entity or part of a larger government?

SFERS is a separate public pension fund governed by its own Retirement Board, but its sponsoring government entity is the City and County of San Francisco. The fund reports to the city but operates independently on investment decisions.

### What kind of real estate investments does SFERS make?

SFERS invests across commercial and residential real estate through vehicles such as Milestone Real Estate Investors VI, Sculptor Real Estate Fund V, GCP SecureSpace Property Partners, and JEN 8 US Residential Fund, covering US markets.

## Related profiles

- [San Francisco City & County Deferred Compensation Plan (SFDCP)](https://altss.com/profile/san-francisco-city-and-county-deferred-compensation-plan-sfdcp)
- [San Jose Police & Fire Retirement Plan](https://altss.com/profile/san-jose-police-and-fire-retirement-plan)

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

Canonical page: https://altss.com/profile/san-francisco-city-and-county-employees-retirement-system-sfers

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology