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San Jose pension sees strong fiscal-year returns; private equity distributions pick up in Q4
Summary
Board heard investment updates showing fiscal year‑to‑date pension estimated returns of 7.8% and health care trust 8.1%, Q4 private equity realizations improved with roughly $13 million returned in the quarter and Series 1 distributions totaling about $75 million to date.
The San Jose Police & Fire Retirement Board on its June meeting received an oral update from the chief investment officer and presentations from Neuberger Berman and Akita (Makita referenced in materials) on private markets performance and fund positioning.
The most immediate numbers came from the board’s CIO, Jay, who reported fiscal year‑to‑date estimated returns through early June of 7.8% for the pension plan and 8.1% for the health care trust. Jay said those estimates are “always estimates based on a combination of actual plan returns, and then index proxies,” and noted the board will see final fiscal‑year positions after quarter‑end reporting.
Board consultants and managers framed private markets activity for the board. Casey Boyer of Neuberger Berman told trustees that Series 1 of the plan’s private equity program has matured materially and produced…
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