SDCERS commits $10m to funds for Craft Ventures

The San Diego public pension has a 24.7 percent allocation to alternative assets.

Institution: San Diego City Employees’ Retirement System
Headquarters: San Diego, United States
AUM: $10.8 billion
Allocation to alternatives: 24.7%

San Diego City Employees’ Retirement System has committed $10 million across two venture capital vehicles, according to the pension’s November 2021 Investment Committee meeting.

The commitments include:

  • Craft Ventures III – $5m
  • Craft Ventures Growth I – $5m

San Francisco-based, early-stage investor Craft Ventures launched the funds earlier this year, and no target is listed on the regulatory filings. Craft raised $500 million for its second fund in late 2019.

As illustrated in the charts below, SDCERS devotes 24.7 percent of its full investment portfolio to alternative assets. The pension has a strong appetite for North American vehicles focused on the TMT and healthcare sectors.