San Francisco Employees’ Retirement System (SFERS) is planning to lower its real assets allocation and raise its investment in listed shares to help increase the pension fund’s liquidity.
The $26bn pension fund said in a meeting document that as part of a review, it intends to cut real assets to 12% from 17% and increasing the investment to publicly traded securities from 55% to 60%.
The pension fund’s real assets portfolio targets a mixture of real estate, infrastructure and natural resources mostly via funds and some co-investments.
The proposed allocation is part of an asset-liability review SFERS conducts every three years with general consultant NEPC to help improve financial outcomes.
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