Real assets make up 14.5% of total assets versus 17% long-term allocation target. : San Francisco Employees’ Retirement System (SFERS) is expected to invest around $1bn (€878m) in real assets this year, according to the pension fund’s pacing plan. TorreyCove Capital Partners, an investment consultant for the $22.2bn pension fund, revealed in a board meeting document that real assets accounted for 14.5% of the pension fund’s assets compared with the 17% long-term allocation target. Real estate accounted for 69% of the real assets portfolio and natural resources accounted for the remaining 31%.