Tehran Municipality Staff Pension Fund

Tehran Municipality Staff Pension Fund

Founded in 1907, the Tehran Municipality Staff Pension Fund operates as the dedicated retirement vehicle for municipal employees of Iran's capital. Javad Maleki leads the fund as CEO, while Loutfollah Forouzandeh, Tehran Municipality's Vice President for Finance and Economic Affairs, oversees its financial strategy. The fund functions as a subsidiary of the Tehran Municipality, with the Tehran City Council providing legislative oversight and approving investment mandates. The fund maintains a concentrated portfolio centered on Iranian real estate and municipal infrastructure. Its holdings span commercial, residential, and mixed-use assets across Tehran, including Hotel Shahr, Motel Shian, the Golabdareh and Yazdanpanah residential projects, Lalezar Parking, and Fath Property land holdings. The fund also holds the commercial rights to Milad Tower — Tehran's most visible telecommunications and tourism landmark. In District 22, it oversees the Chitgar Lake development, a large-scale mixed-use recreation and urban planning project. The Shahriyar Staff Cooperative (Sherkat Ta'avoni Shahriyar) frequently co-invests alongside the fund in municipal projects and subsidiaries, extending the reach of these deployment activities. Co-investment structures with the Shahriyar Cooperative and integration with Tehran Municipality's broader urban planning initiatives shape the fund's operational model. In 2023, Javad Maleki was serving as CEO, continuing the fund's mandate to finance municipal retiree obligations through direct property holdings and development projects. The fund does not publicly disclose total AUM or staff headcount. The fund's architecture distinguishes it from arm's-length public pension investors: fully embedded within the municipal government structure, its investment portfolio doubles as an instrument of urban development policy. This creates a unique alignment — and concentration risk — where retiree liabilities are funded by the same real-estate markets the municipality regulates.