San Francisco Employees’ Retirement System (SFERS) is investing €175m in two opportunistic European real estate funds.

The $22.2bn (€19.1bn) pension fund said in a board meeting document that it is committing €75m to Niam’s Nordic VII and €100m to Tristan Capital Partners’ European Property Investors Special Opportunities 5 (EPISO 5).

Nordic real estate specialist Niam declined a request for comment. The company raised €800m for Nordic VI in February 2016.

Tristan Capital is planning to raise €1.5bn for EPISO 5, which will target returns of 12-14%.

SFERS said it had also approved a $50m (€44.5m) commitment to Gaw Capital Partners’ 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.