San Jose Police & Fire Commits $158M to Alts in December 2024 Deals

The City of San Jose Police and Fire Department Retirement made $158M in total commitments across seven funds in private equity, private credit, real estate, and venture capital, per its recently released January 22 board meeting materials.

In deals closed throughout December of last year, the California-based pension committed $58M to Kayne Anderson Core Real Estate and $24M to IPI Partners Fund III in real estate; $28M each to Arbour Lane Credit Opportunity Fund IV and Strategic Value Special Situations Fund VI in private credit; $5M to Lerer Hippeau IX and $3M to Friends & Family Capital III in venture capital; and $12M to Lime Rock New Energy II in private equity. Of the seven managers, IPI Partners, Kayne Anderson, and Friends & Family Capital represent new relationships for the pension.

As of December 31, 2024, San Jose Police and Fire allocated approximately 9.2% of its total portfolio to buyouts against a 10% target; 4.7% to core real estate and 4.3% to growth real estate against 5% and 4% targets, respectively; 4.1% to private credit against a 4.5% target; and 2.2% to venture capital against a 4.5% target.

Written By: Dakota

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San Jose Police & Fire Commits $158M to Alts in December 2024 Deals

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