San Francisco Employees’ Retirement System (SFERS) has established a $500m (€430m) real assets pacing plan for fiscal 2027, as it seeks to expand real estate and infrastructure allocations while trimming natural resources exposure within the portfolio.
According to a board meeting document for the fiscal year that began 1 July, the pension fund has already committed $175m under the new plan.
This includes $100m to TA Realty Value-Add Fund XIV, which closed at the end of August ahead of a final $2bn fund close expected this month, and $75m to Blackstone Energy Transition Partners V, finalised in late July.
SFERS’s $5.1bn real assets portfolio was allocated 54% to real estate, 25% to natural resources, and 20% to infrastructure at the end of the first quarter.
The pension fund has been steadily reducing its natural resources exposure from a peak of 30% at year-end 2019.
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