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San Francisco Employees' Retirement System (SFERS)
The San Francisco City & County Employees’ Retirement System invests retirement contributions on behalf of municipal employees. Alison Romano holds the...
San Francisco Employees' Retirement System (SFERS)
The San Francisco City & County Employees’ Retirement System invests retirement contributions on behalf of municipal employees. Alison Romano holds the combined CEO-CIO role. The plan receives sponsorship from the City and County of San Francisco. The portfolio includes commitments to Milestone Real Estate Investors VI, Sculptor Real Estate Fund V, and GCP SecureSpace Property Partners. Additional positions cover JEN 8 US Residential Fund and Primary Wave Music IP Fund 4. The fund also holds interests in Paradigm One, Pantera Capital Digital Asset Funds, and Haun Ventures. Geographic exposure centers on the United States with selected global allocations in infrastructure and venture capital. Assets total 36,700 million USD. The system maintains four service provider relationships, including BNY Mellon as custodian since 2016. It participates in the Milken Institute Global Conference and holds memberships in the Principles for Responsible Investment and the Council of Institutional Investors. The plan uses a separately managed account structure for certain credit strategies with Ares and maintains ownership of specific real estate and infrastructure funds as a minority limited partner.
General information
Firm type
Pension Fund
Year founded
1920
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, United States
Principals
Alison Romano
CEO and Chief Investment Officer
Scott Heldfond
President of the Retirement Board
Sector focus
Frequently asked questions
Who runs investment decisions at SFERS?
Alison Romano serves as both CEO and Chief Investment Officer. Scott Heldfond acts as President of the Retirement Board.
Does SFERS participate in fund commitments or only direct deals?
The system acts primarily as a limited partner in external funds and maintains one separately managed account with Ares for credit strategies.
Which asset classes appear in the SFERS portfolio?
Holdings include public equities, value-add multifamily real estate, logistics and residential real estate, venture capital, digital assets, music IP, data center infrastructure, and gold and mineral rights.
What is SFERS known posture on co-investments alongside external GPs?
The system has partnered with Blackstone Alternative Asset Management in at least one absolute return vehicle and uses an SMA structure with Ares.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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