- April 2011: Vol. 23 No. 4

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Shop Talk: A Conversation with Brian Burry

by Larry Gray

Employing a conservative, hands-on approach, the City of Fresno (Calif.) Fire and Police Retirement System is one of the few public funds that are actually overfunded. Larry Gray, editor of The Institutional Real Estate Letter – North America, recently discussed the pension plan’s strategies and investment philosophy with longtime police officer and trustee Brian Burry.

Please describe your fund’s asset allocation plan and the role that real estate plays in that plan. We are a 4,700-member plan, and we’re just a little bit above $2 billion in funding and about 118 percent funded level. We’re a very conservative fund as far as investments. After the events of September 2008 we went down to $1.3 billion, but we have worked our way back up to just over $2 billion. As

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