Peppertree Capital Management has raised $1.1bn (€1bn) for its latest digital infrastructure fund, Peppertree Capital Fund X.

An SEC filing showed that Peppertree Capital had raised $803m at the end November, but sources close to the matter say the fund has secured around a further $300m.

Peppertree Capital did not comment.

Since fundraising began in July, Peppertree Capital has received interest from investors that could take the fund beyond $1.5bn, and the fund manager has set an upper limit of $2bn.

San Francisco Employees Retirement System is among investors to join the fund, having made a $50m commitment, according to a board meeting report.

Peppertree Capital Fund X will invest in cell towers, fibre, small cells and distributed antenna systems in the US.

The previous fund in the series raised $1.2bn in December 2021.