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Private equity update: portfolio stabilizing, program above target but generating record cash flow
Summary
Staff reported a 2.9% return for SFERS private equity in 2024, a long‑term net IRR of about 16% since inception and that the private equity allocation stands near 28%, above the 20% target. The portfolio returned record net cash flow in 2024 and through mid‑2025.
SFERS staff told the retirement board that the private equity program has begun to stabilize after several difficult years for private markets.
Justin and the private‑equity team reported a 2.9% return for the program in 2024 and a net internal rate of return of roughly 16% since the program’s inception. Staff said the private equity allocation stood at about 28% of plan assets, above the board’s long‑term policy target of…
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