San Bernardino County Employees Retirement System
Public pension, based in California, reporting $16B in assets, for 50,060 participants.
Composed from this allocator's classification, location and filed figures.
What matters now
- 1re-up prospects
1 re-up prospect was flagged in the last twelve months: a manager it backed raising a successor fund.
Managers it already backs are raising again; a re-up decision is coming.
12 more people, 21 more managers, 127 more commitments and 129 more dated events
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
People to know
View all people- Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Donald PierceChief Investment Officer
- Donald PierceChief Investment Officer (CIO)
- Marc BraccoBoard Chair
- Pathway Private Equity Fund VII, L.P.$905M committed
- European Strategic Partners 2004 B$242M committed
- Adams Street SBCERA 2$160M committed
- Pathway Capital Management, LP$905M across 1 commitment
- Industry Ventures$663M across 17 commitments
- Patria Capital Partners LLP$323M across 4 commitments
Relationship network
168 connected entities130 observed commitments8 repeat counterparties$7.9B disclosed commitments (130 commitments)23 dated commitments shown here, 2025
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Sponsor
- Fund or vehicle
- Service provider
- Person
›How strength and recency are read
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesPublic pensionShowHide
Allocation policy
| 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
- Segal Consulting Actuarythrough Jun 30, 2025 ACFR
Decision makers
- Donald Pierce · Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 1 person, grouped by function
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
People
- Marc Bracco Board ChairBoard chair
+12 more people on the investment staff and board
Every name, title and published role at this allocator, with the page it was read from.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Manager roster
- Pathway Capital Management, LP$905M, 1 row, latest Dec 31, 2025
- Industry Ventures$663M, 17 rows, latest Dec 31, 2025
- Patria Capital Partners LLP$323M, 4 rows, latest Dec 31, 2025
+21 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What changed
- Sep 24, 2026Re-up prospectreport dateinferenceSan Bernardino County Employees Retirement System holds Lexington Capital Partners VII Offshore, L.P. ($25M); the manager is raising: Lexington Capital Partners XI, L.P. (fundraising, seen 2026-09-24); no commitment to it on the graph; 3 fund(s) of the series between them not held eitherwith Lexington Partners
- Dec 31, 2025Commitment disclosedreport dateSan Bernardino County Employees Retirement System reports Apollo PCPL Webb VIII: $4M committed (as of 2025-12-31)
- Dec 31, 2025Commitment disclosedreport dateSan Bernardino County Employees Retirement System reports Bryanston Retail Opportunity Fund, L.P.: $20M committed (as of 2025-12-31)
- Dec 31, 2025Commitment disclosedreport dateSan Bernardino County Employees Retirement System reports PRISA III Fund, L.P.: $100M committed (as of 2025-12-31)
- Dec 31, 2025Commitment disclosedreport dateSan Bernardino County Employees Retirement System reports Kayne SBCERA (D.I.): $45M committed (as of 2025-12-31)
+129 more dated events
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Commitments
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Dec 31, 2025 | Partners Group MCA | unresolved | n/a | $1.5B | 2004 | Disclosed holding | sbcera.org |
| as of Dec 31, 2025 | Pathway Private Equity Fund VII, L.P. | Pathway Capital Management, LP | n/a | $905M | 2004 | Disclosed holding | sbcera.org |
| as of Dec 31, 2025 | Pathway SBCERA MCA | unresolved | n/a | $350M | 2014 | Disclosed holding | sbcera.org |
+127 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
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Size and funding
Provenance
Provenance
Not yet on record: funded ratio.
San Bernardino County Employees Retirement System sits on 116 traced paths of capital across the graphs.
DFX traced 116 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
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Record history
- Re up prospect2026-09-24
- Commitment disclosed2025-12-31source on record
- Commitment disclosed2025-12-31source on record
+131 more changes on this record's ledger
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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+79 connections on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.