Gaw Capital's Asian fund attracts San Francisco Employees

San Francisco Employees’ Retirement System (SFERS) is one of the latest investors to back Gaw Capital’s fifth pan-Asian real estate fund.

The US pension fund has approved a $100m (€88.4m) commitment to Gateway Real Estate Fund V, for which Gaw Capital is understood to be seeking $1.5bn in investor capital.

Last month, the New York State Teachers’ Retirement System revealed that it would commit $100m to the fund.

According to a board meeting document, the opportunistic strategy will focus on retail property, hotels and logistics in China, Japan, South Korea and southeast Asian markets.

SFERS, which as invested with Gaw Capital in the past, also approved a $50m commitment to a fund targeting residential investments in the US.

The pension fund initially considered investing $100m in Carmel Partners Investment Fund VI, but halved the commitment following contract negotiations with the fund’s manager.

The fund will invest in apartments in supply-constrained markets, including the San Francisco Bay Area, Southern California, Denver, Seattle, New York, Washington, DC and Honolulu.

It will buy existing properties in need of renovation, inject equity into development projects and acquire debt.

Gaw Capital and Carmel Partners did not comment.

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