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Real assets team reports portfolio shift: allocations, cash flows and infrastructure gains
Summary
SFERS staff reported a 14% allocation to real assets at year‑end, improved cash flows (portfolio self‑funding in 2025), and infrastructure’s outperformance among real‑assets substrategies, while continuing cautious deployment amid fundraising headwinds.
San Francisco Employees’ Retirement System investment staff reported to the retirement board that the real assets program has evolved from a U.S. core real‑estate portfolio into a diversified mix including global real estate, natural resources and infrastructure.
Tanya Kemp, managing director for private markets, told commissioners that real assets finished 2024 at about a 14% allocation — above the plan target of 10% — with roughly $5 billion in NAV and approximately $2 billion in unfunded commitments. Staff said that…
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