San Francisco pension’s PE investment officer to retire

The senior investment professional, who will leave the $22bn pension fund after two years, oversaw distressed and infrastructure investments alongside traditional buyout strategies.

A senior investment officer at San Francisco Employees’ Retirement System is retiring later this month after 19 years at the pension fund.

Glen Schwartz, SFERS’ senior investment officer for private equity, will retire on 21 April after nearly two decades at the $21.7 billion pension fund, according to SFERS’ chief investment officer report for the 12 April meeting.

“It is the right time to end my public service career and look for other equally exciting opportunities,” Schwartz wrote to Private Equity International in an email Tuesday. He added that he helped construct and manage two private equity portfolios, at SFERS and previously at the California State Teachers' Retirement System.

His retirement announcement comes as SFERS, which has 14.3 percent of its assets in private equity, has been inching closer to its 18 percent target and ramping up its overall private markets allocation, as reported by PEI. By 31 May, SFERS expects its actual private equity allocation to inch up to 14.8 percent, the April CIO report showed.

Schwartz joined the city pension in 1998 as a portfolio manager, and has been responsible for SFERS’ $3 billion private equity portfolio that targets venture, buyout and special situations, which includes energy, distressed and infrastructure funds, according to his LinkedIn profile.

It was unclear whether the search process to find Schwartz’s replacement had launched. SFERS was not available to comment, and Schwartz did not respond to request for comment.

So far this year, SFERS lost one other professional on its investment team. In January, SFERS real assets investment analyst Jeremy Gurewitz left after two months at the pension fund to join a start-up, the CIO report said.