San Luis Obispo County Pension Trust

Katie Girardi serves as both Executive Director and Chief Investment Officer, directing investment policy and day-to-day management of the trust's portfolio. The Board of Trustees, led by President Gere Sibbach, provides governance and fiduciary oversight. The trust also employs external managers across asset classes including J.P. Morgan for core real estate.

California's County Employees Retirement Law of 1937 authorizes individual counties to establish and administer their own pension systems rather than participating in the statewide CalPERS system. This gives county-level trusts like SLOCPT independent boards and investment authority. The trust participates in SACRS, the association created specifically for these 1937 Act and independent county retirement systems.

SLOCPT holds both direct commercial properties and fund commitments. Direct holdings include properties in San Luis Obispo and Los Angeles. The trust also invests through commingled vehicles including J.P. Morgan Core Real Estate and the American Strategic Value Realty Fund, giving it exposure across property types and California markets.

Based on disclosed strategy tags, SLOCPT focuses heavily on buyout strategies within private equity. The trust appears to deploy across multiple buyout managers, though specific fund commitments and managers beyond the real estate investments are not publicly detailed. No venture capital or growth equity focus has been identified.

As a 1937 Act county system, SLOCPT is structurally analogous to larger sister systems like San Diego County Employees Retirement Association and Los Angeles County Employees Retirement Association. However, San Luis Obispo County's smaller population base likely makes SLOCPT among the more modestly sized county trusts. The trust maintains active memberships in CALAPRS and SACRS, allowing it to benchmark and collaborate with peer systems.

SLOCPT maintains a dedicated allocation to commodities as a distinct asset class. The specific exposures, whether through futures, physical holdings, or natural resource equities, are not publicly detailed. Commodities allocations in public pension portfolios typically serve inflation-hedging and diversification functions.

Based on known holdings and fund commitments, SLOCPT's portfolio appears concentrated in United States assets, particularly California commercial real estate and domestic private equity buyout funds. The trust's small size and local-employer base likely constrain international diversification relative to larger state funds.