# San Jose Police & Fire Retirement Plan

San Jose Police & Fire Retirement Plan is a Public Defined Benefit Plan based in San Jose, United States.

## Overview

- **Organization type:** Public Defined Benefit Plan
- **Headquarters:** San Jose, United States
- **Region:** North America
- **Address:** San Jose, CA, United States
- **Assets under management:** Undisclosed
- **Website:** sanjoseca.gov

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Venture Capital
- Private Equity
- Real Estate
- Fixed Income
- Public Equities

## People

- Franco Vado — Chair of the Board of Administration
- Andrew Gardanier — Vice Chair of the Board of Administration
- John Flynn — Chief Executive Officer (CEO)
- Prabhu Palani — Chief Investment Officer (CIO)
- George Casey — City Council Liaison to the Board

## Questions

### Who runs investment decisions at San Jose Police & Fire Retirement Plan?

CIO Prabhu Palani oversees day-to-day investment management, reporting to CEO John Flynn. Strategic decisions are made by a Board of Administration that includes a city council liaison, chair Franco Vado, and vice chair Andrew Gardanier (per the plan's public governance documents).

### Is SJPFP open to external co-investments or fund commitments?

The fund makes commitments to external managers and also co-invests directly alongside those partners through its Private Markets Program (per the fund's published investment policy). It does not accept capital from outside its member base.

### How is the fund governed?

The Board of Administration includes city council members and elected plan participants, with a board chair and vice chair. A council liaison ensures alignment between the plan and the City of San Jose's broader fiscal strategy (public record).

### What is the fund's total membership?

SJPFP serves approximately 6,000 active and retired San Jose police officers and firefighters, with estimated assets above $4 billion (public record).

## Related profiles

- [San Francisco City & County Employees’ Retirement System (SFERS)](https://altss.com/profile/san-francisco-city-and-county-employees-retirement-system-sfers)
- [Segal Ventures](https://altss.com/profile/segal-ventures)

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

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