DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Public pension
San Bernardino County Employees Retirement System
Public pensionmunicipalCA
Assets
$16B
Fiduciary net position, Jun 30, 2025 reported
Funded
n/a
not filed
Private markets target
29.0%
policy Jun 30, 2025
Commitments
0
none on the tape
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Short-Term Cash Investment Funds | Cash | 2.0% | 0% to 10% | -1.7% | -3.7 | reported sbcera.org |
| Domestic Fixed Income | Fixed income | 15.0% | 10% to 20% | 16.7% | +1.7 | reported sbcera.org |
| Global Fixed Income | Fixed income | 17.0% | 11% to 21% | 20.6% | +3.6 | reported sbcera.org |
| Absolute Return | Hedge / diversifiers | 7.0% | 0% to 12% | 15.8% | +8.8 | reported sbcera.org |
| Infrastructure | Infrastructure | 2.0% | 0% to 6% | 1.1% | -0.9 | reported sbcera.org |
| Commodities | Natural resources | 4.0% | -1% to 7% | 4.3% | +0.3 | reported sbcera.org |
| Private Equity | Private equity | 18.0% | 6% to 23% | 19.4% | +1.4 | reported sbcera.org |
| Domestic Equity | Public equity | 17.0% | 10% to 27% | 12.0% | -5.0 | reported sbcera.org |
| International Equity | Public equity | 13.0% | 8% to 18% | 8.1% | -4.9 | reported sbcera.org |
| Real Estate | Real estate | 5.0% | 0% to 10% | 3.7% | -1.3 | reported sbcera.org |
Consultants and advisers
1 firms
- Segal Consulting Actuarythrough Jun 30, 2025 ACFR
People
3 roles
Chief investment officer
Donald Pierce
Chief Investment Officer (Jun 30, 2025) sbcera.org
SBCERA Chief Investment Officer, Donald Pierce, made the Chief Investment Officer Magazine's 2025 Power 100 list of top investment officers
- Marc Bracco Board ChairBoard chair
- Debby Cherney Chief Executive OfficerExecutive director / CEO
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
58 readings
Fiduciary net position
$15B (2024-06) · $14B (2023-06) · $13B (2022-06)
What changed
2 events
- Jun 30, 2024Assets changedSan Bernardino County Employees Retirement System fiduciary net position $14.1B -> $15.2B (+8.4%, 2023-06-30 to 2024-06-30)
- Jun 30, 2024Assets changedSan Bernardino County Employees Retirement System total assets $14.1B -> $15.4B (+9.3%, 2023-06-30 to 2024-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: Census PID6 184428
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.