San Francisco Employees鈥� Retirement System (SFERS) is investing 鈧�175m in two opportunistic European real estate funds.
The $22.2bn (鈧�19.1bn) pension fund said in a board meeting document that it is committing 鈧�75m to Niam鈥檚 Nordic VII and 鈧�100m to 鈥� European Property Investors Special Opportunities 5 (EPISO 5).
Nordic real estate specialist Niam declined a request for comment. The company raised 鈧�800m for Nordic VI in February 2016.
is planning to raise 鈧�1.5bn for EPISO 5, which will target returns of 12-14%.
SFERS said it had also approved a $50m (鈧�44.5m) commitment to Gaw Capital Partners鈥� Gateway Real Estate Fund VI, a fund targeting non-core real estate in Asia-Pacific.
It has approved a $25m investment in Carmel Partners Investment Fund VII fund, which targets apartments in the US.
