San Jose Police & Fire Commits $133.5M to Alts, OKs 25% Private Markets Target

The City of San Jose Police and Fire Department Retirement allocated a total of $133.5M across seven alternatives funds and approved a 25% portfolio allocation target for its 2024-2025 private markets commitment pacing plan.

In materials presented during its board meeting on December 10, the pension committed a total of $42.5M to existing manager TA Realty’s Core Property Fund. It also agreed to invest $28M in direct lending Silver Point Specialty Credit Fund III and $18M each in private credit Primary Wave Music IP Fund 4 and middle-market buyout Pelican Energy Partners Base Zero. The pension made $5M and $12M in add-on investments to Payden Emerging Markets Debt and Crabel Fund LP-Class H, respectively, and a $10M commitment to existing manager Tiger Iron Capital’s venture fund SJPF. The deals were made from September to October.

The pension also approved a 25% target for its 2024-2025 private markets pacing plan, comprising $150M to buyouts, $80M to private debt; $70M to growth real estate; $60M to private real assets; and $35M to venture capital. The same benchmarks are expected for the pension’s fiscal year 2025-2026 pacing plan.

Per Dakota data, the San Jose Police and Fire pension holds $5M in aggregate assets.