San Mateo County Employees' Retirement Association

San Mateo County Employees' Retirement Association

San Mateo County Employees' Retirement Association was established in 1944. It provides pension benefits to county employees and one special district under California statute. Paul Okada leads the organization as CEO after prior service as legal counsel. The plan deploys capital across multiple asset classes. Confirmed holdings include Invesco Core Real Estate Fund, Harrison Street Core Property Fund, and PGIM Real Estate US Debt Fund in real estate. Private equity and infrastructure commitments encompass ABRY Partners VII, Summit Partners Growth Equity Fund XII, Clayton Dubilier & Rice Fund XI, Brookfield Super-Core Infrastructure Fund, and LS Power Equity Partners V. Hedge fund and credit exposures include Farallon Capital and White Oak Yield Spectrum Fund V. Allocations span the United States and global markets. Total fund assets reached $7.1 billion. The organization maintains a single headquarters in Redwood City. It engages Meketa Investment Group as general investment consultant, Northern Trust as custodian, and Milliman as actuary. In November 2024 the plan attended the SACRS Fall Conference in Monterey. Board leadership includes Kimathi Marangu as chair. The plan functions as a statutory public pension system with an elected and appointed board of retirement. Investment decisions follow California law and board policy rather than a single-family mandate. This structure separates benefit administration from investment execution through external managers and consultants.