US public pension profile· SFERS
San Francisco City & County Employees' Retirement System
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
SFERS: fiscal year 2025 at a glance
- Market value of assets
- USD 37.5 billion
- Total membership
- 83,161
- Funded ratio
- 96.80%
- Assumed investment return
- 7.20%
Asset allocation in 2025
| Public equity | 30.05% |
|---|---|
| Fixed income | 10.05% |
| Private equity | 27.01% |
| Real estate | 13.91% |
| Hedge funds | 18.98% |
| Cash | 0.00% |
Returns to 2025
| One year | 7.87% |
|---|---|
| Five years | 9.59% |
| Ten years | 8.44% |
SFERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 11.2 billion | 48,132 | 129.00% | 8.25% |
| 2002 | USD 10.4 billion | 48,592 | 117.90% | 8.25% |
| 2003 | USD 10.5 billion | 52,205 | 109.00% | 8.25% |
| 2004 | USD 11.9 billion | 52,456 | 103.80% | 8.00% |
| 2005 | USD 13.1 billion | 52,853 | 107.60% | 8.00% |
| 2006 | USD 14.5 billion | 53,550 | 108.70% | 8.00% |
| 2007 | USD 17.0 billion | 55,176 | 110.00% | 8.00% |
| 2008 | USD 15.8 billion | 56,910 | 104.00% | 7.75% |
| 2009 | USD 11.9 billion | 57,255 | 97.00% | 7.75% |
| 2010 | USD 13.1 billion | 57,337 | 91.00% | 7.75% |
| 2011 | USD 15.6 billion | 58,034 | 88.00% | 7.66% |
| 2012 | USD 15.3 billion | 59,030 | 82.60% | 7.58% |
| 2013 | USD 17.0 billion | 60,796 | 81.00% | 7.58% |
| 2014 | USD 19.9 billion | 62,819 | 85.27% | 7.58% |
| 2015 | USD 20.4 billion | 65,308 | 85.56% | 7.50% |
| 2016 | USD 20.2 billion | 68,337 | 84.64% | 7.50% |
| 2017 | USD 22.4 billion | 70,994 | 86.30% | 7.50% |
| 2018 | USD 24.6 billion | 73,094 | 87.31% | 7.40% |
| 2019 | USD 26.1 billion | 74,935 | 87.67% | 7.40% |
| 2020 | USD 26.6 billion | 75,198 | 90.50% | 7.40% |
| 2021 | USD 35.7 billion | 75,624 | 94.16% | 7.20% |
| 2022 | USD 32.8 billion | 77,003 | 96.08% | 7.20% |
| 2023 | USD 33.7 billion | 78,761 | 96.56% | 7.20% |
| 2024 | USD 35.4 billion | 81,175 | 96.58% | 7.20% |
| 2025 | USD 37.5 billion | 83,161 | 96.80% | 7.20% |
SFERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 48.00% | 32.00% | 12.00% | 8.00% | 0.00% | 0.00% |
| 2002 | 46.00% | 34.00% | 12.00% | 8.00% | 0.00% | 0.00% |
| 2003 | 47.00% | 32.00% | 12.00% | 9.00% | 0.00% | 0.00% |
| 2004 | 50.00% | 31.00% | 11.00% | 8.00% | 0.00% | 0.00% |
| 2005 | 49.00% | 32.00% | 11.00% | 8.00% | 0.00% | 0.00% |
| 2006 | 50.00% | 31.00% | 10.00% | 9.00% | 0.00% | 0.00% |
| 2007 | 52.10% | 28.40% | 9.50% | 10.00% | 0.00% | 0.00% |
| 2008 | 47.00% | 30.70% | 10.60% | 11.70% | 0.00% | 0.00% |
| 2009 | 44.60% | 30.90% | 12.20% | 12.30% | 0.00% | 0.00% |
| 2010 | 46.10% | 32.20% | 13.50% | 8.20% | 0.00% | 0.00% |
| 2011 | 50.30% | 28.70% | 12.50% | 8.50% | 0.00% | 0.00% |
| 2012 | 48.90% | 27.60% | 13.40% | 10.10% | 0.00% | 0.00% |
| 2013 | 52.30% | 26.30% | 12.20% | 9.20% | 0.00% | 0.00% |
| 2014 | 54.35% | 24.92% | 11.71% | 9.01% | 0.00% | 0.00% |
| 2015 | 52.35% | 25.28% | 11.79% | 10.59% | 0.00% | 0.00% |
| 2016 | 47.60% | 27.10% | 13.50% | 11.80% | 0.00% | 0.00% |
| 2017 | 47.62% | 20.44% | 14.68% | 14.68% | 2.58% | 0.00% |
| 2018 | 42.14% | 12.91% | 17.32% | 14.52% | 12.61% | 0.50% |
| 2019 | 34.77% | 10.02% | 20.74% | 16.63% | 17.03% | 0.80% |
| 2020 | 34.54% | 7.21% | 21.32% | 14.92% | 19.02% | 3.00% |
| 2021 | 37.70% | 6.10% | 27.60% | 11.60% | 15.70% | 1.30% |
| 2022 | 29.90% | 5.20% | 32.60% | 15.10% | 17.20% | 0.00% |
| 2023 | 31.77% | 5.68% | 29.68% | 15.64% | 16.83% | 0.40% |
| 2024 | 30.24% | 7.58% | 28.44% | 14.67% | 17.36% | 1.70% |
| 2025 | 30.05% | 10.05% | 27.01% | 13.91% | 18.98% | 0.00% |
SFERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -10.37% | 11.16% | Not reported |
| 2002 | -4.50% | 6.55% | Not reported |
| 2003 | 2.82% | 3.98% | Not reported |
| 2004 | 16.34% | 4.73% | Not reported |
| 2005 | 12.63% | 2.91% | Not reported |
| 2006 | 13.46% | 7.86% | Not reported |
| 2007 | 18.71% | 12.66% | Not reported |
| 2008 | -3.13% | 11.32% | Not reported |
| 2009 | -21.98% | 2.78% | Not reported |
| 2010 | 12.55% | 2.73% | 2.80% |
| 2011 | 21.84% | 4.20% | 6.01% |
| 2012 | 1.67% | 1.02% | 8.67% |
| 2013 | 13.01% | 4.19% | 7.69% |
| 2014 | 18.73% | 13.34% | 7.91% |
| 2015 | 3.96% | 11.59% | 7.07% |
| 2016 | 1.29% | 7.53% | 5.85% |
| 2017 | 13.81% | 9.98% | 5.40% |
| 2018 | 11.14% | 9.61% | 6.87% |
| 2019 | 8.18% | 7.56% | 10.43% |
| 2020 | 2.41% | 7.25% | 9.39% |
| 2021 | 33.70% | 13.38% | 10.41% |
| 2022 | -2.90% | 9.83% | 9.90% |
| 2023 | 4.25% | 8.48% | 9.05% |
| 2024 | 7.99% | 8.44% | 8.03% |
| 2025 | 7.87% | 9.59% | 8.44% |