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.

To read the digital edition of the latest IPE Real Assets magazine click here.