San Francisco (CA) ERS — assets, returns and funding
Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge
San Francisco (CA) ERS (California) reported $37.5bn of assets for fiscal year 2025, a one-year investment return of 7.9%, and was 96.8% funded — around the ~80% mark the industry reads as sound.
| Total assets (FY 2025) | $37.5bn |
| 1-year return | 7.9% |
| 5-year return (annualised) | 9.6% |
| 10-year return (annualised) | 8.4% |
| Funded ratio (GASB) | 96.8% |
How the money is invested (asset allocation)
San Francisco (CA) ERS held 30.1% of its assets in public equities and 27.0% in private equity for fiscal year 2025 — the largest of 5 sleeves it reports, with the rest below:
| Public equities | 30.1% |
| Private equity | 27.0% |
| Hedge funds | 19.0% |
| Real estate | 13.9% |
| Fixed income (bonds) | 10.1% |
Compare San Francisco (CA) ERS with similar plans
The plans most worth reading San Francisco (CA) ERS against — similar in size, or invested in the same managers — side by side, each with its own page for the detail:
| Plan | Assets | 1-yr return | Funded ratio | Why comparable |
|---|---|---|---|---|
| California PERF (CalPERS) | $563.0bn | 11.6% | 71.3% | Same state — California |
| California Teachers (CalSTRS) | $370.2bn | 8.5% | 76.7% | Same state — California |
| University of California | $110.8bn | 12.7% | 85.4% | Same state — California |
| LA County (CA) ERS | $86.2bn | 9.7% | 82.0% | Same state — California |
| Los Angeles (CA) Fire and Police | $30.5bn | 11.3% | 100.6% | Same state — California |
| Orange County (CA) ERS | $24.0bn | 10.0% | 83.8% | Same state — California |
Questions this page answers
How much does San Francisco (CA) ERS have in assets?
San Francisco (CA) ERS reported $37.5bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.
What return did San Francisco (CA) ERS make on its investments?
San Francisco (CA) ERS reported a 7.9% one-year investment return for fiscal year 2025, and 8.4% a year over the past ten years, per the Public Plans Database.
Is San Francisco (CA) ERS fully funded?
San Francisco (CA) ERS was 96.8% funded for fiscal year 2025 — above the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).
How is San Francisco (CA) ERS's money invested?
San Francisco (CA) ERS held 30.1% of its assets in public equities and 27.0% in private equity, its largest sleeves for fiscal year 2025 (Public Plans Database).
See also: all tracked plans · how the private-equity funds these plans invest in have actually performed, from the plans' own disclosures: private market performance, and where plans' numbers diverge on the same fund.