San Jose Police & Fire Retirement Plan

San Jose Police & Fire Retirement Plan

The San Jose Police & Fire Retirement Plan (SJPFP) is a public defined-benefit plan established by the City of San Jose to provide retirement income for police officers and firefighters. It operates under a Board of Administration chaired by Franco Vado, with Andrew Gardanier as vice chair, and is administered day-to-day by CEO John Flynn and CIO Prabhu Palani. SJPFP's investment strategy spans multiple asset classes, including venture capital, private equity, real estate, and fixed income through its Private Markets Program, which has a global mandate. The fund co-invests alongside external managers and maintains a portfolio that includes both public equities and alternative assets. Named venture capital commitments are not publicly detailed, but the fund's program targets generalist venture capital across vintages. The plan serves approximately 6,000 active and retired members, with total assets estimated above $4 billion (public record). Key operational team members include George Casey as the City Council's liaison to the board, ensuring alignment with municipal governance structures. A recent operational focus has been increasing alternative allocations to meet actuarial return targets (per the fund's published investment policies, 2024). SJPFP's structural differentiator is its direct governance by a board with city council representation — a hybrid model where political appointees (including Franco Vado and Andrew Gardanier) share fiduciary oversight with professional staff like CEO John Flynn and CIO Prabhu Palani. This governance shape is common among California public safety pensions but creates distinct tension between investment agility and public accountability.