SFERS names head of real estate

The $15 billion pension fund has promoted Lindsey Adams to senior portfolio manager of real estate, a position that has been vacant for more than two years.

The San Francisco Employees’ Retirement System (SFERS) has promoted Lindsey Adams to head of real estate. Adams, whose official title is senior portfolio manager of real estate, has been with the $15 billion pension system for about three years as a security analyst. Prior to joining SFERS, she worked as a vice president and portfolio manager at AMB Property.

Sources familiar with the situation said that the position has been vacant since December 2009, when the prior head of real estate, Don Holcher, was promoted to head of private markets. Folcher subsequently retired in late 2010. 

SFERS has $1.4 billion invested in real estate, or roughly 9.5 percent of the plan’s total assets. This is slightly below its 12 percent target allocation for real estate. One of Adams’ responsibilities in her new post will be to increase the plan’s commitments to real estate. 

The promotion of Adams coincides with the San Francisco retirement board reorganising the structure of its alternatives programme to better manage its large and growing number of manager relationships. At a time when other public institutions are using the secondary market to trim down the number of managers in their portfolios, SFERS has split responsibilities for private equity/buyout and venture capital into two positions. Private equity is headed by senior investment officer Glen Schwartz. The venture capital senior slot has not yet been filled. 

Additional reporting by Christopher Witkowsky