San Francisco Employees’ Retirement System (SFERS) has added to its real estate fund manager line-up with Asian value-add specialist Pamfleet.
The $22.2bn (€19.12bn) pension fund said in a board meeting report that it has committed $50m to Pamfleet Real Estate Fund III, which invests in office, retail and residential properties in markets like Hong Kong and Singapore.
Pamfleet is seeking to raise $350m for the fund. Its previous vehicle raised $400m in 2015, exceeding its target of $350m.
According to sources that track fundraising, Pamfleet Fund III is halfway to its target, having raised $175m in a first close this month.
Pamfleet declined a request for comment.