San Diego City Employees’ Retirement System (SDCERS) has set a $225m (€194.5mm) infrastructure investment pacing plan for its fiscal 2026, which began on 1 July.
According to the pension fund’s board meeting document, the infrastructure investment plan for the period involves allocating $150m toward open-ended core funds.
Investment consultant Callan is expected to recommend one or two such funds for the pension fund to consider during the period.
The remaining $75m earmarked for infrastructure will be split evenly between GCM Grosvenor and StepStone for a non-core strategy.
According to SDCERS, the new activity was driven by the meaningful liquidity generated in fiscal 2025, resulting in the pension fund redeploying capital to maintain its 5% target infrastructure allocation.
Of this allocation, StepStone and GCM Grosvenor each manage 1.5%, and the remaining 2% is invested directly in funds.
StepStone has created the StepStone Atlantic Fund with San Diego City as the sole investor. The fund’s investment strategy includes primary fund commitments, co-investments and secondary transactions to target infrastructure assets like renewable power, data centres and telecommunications.
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