San Francisco City & County Employees’ Retirement System revised its estimated net return for the fiscal year ended June 30 to 8.2%, said Darlene Armanino, executive assistant and board secretary.
The revision exceeds an earlier estimate of 7.8%, due to final data from absolute return, private credit, private equity, public equity and real assets managers.
The preliminary investment return comes ahead of the pension fund's required rate of return of 7.4%.
Specific asset class return information and actual allocation information as of June 30 was not provided.
Among asset class returns disclosed in the report, private equity returned 17.5%, while private credit returned 10.7%, real assets returned 8.6% and public equities returned 5.8%. Returns for absolute return and fixed income were not disclosed. Whether the returns were gross or net of fees could not be immediately learned.
As of July 31, SFERS' actual allocation was 34% public equities, 20.4% private equity, 16.2% real assets, 13.5% absolute return, 10.3% fixed income, 3.4% private credit and the rest in cash.
The target allocation is 31% public equities, 18% private equity, 17% real assets, 15% absolute return, 10% private credit, 6% U.S. Treasuries and 3% liquid credit.
