San Francisco Employees Retirement System (SFERS) is investing £40m (€44.5m) in a pan-European opportunistic real estate fund.
A board meeting report shows that the pension fund is investing in Kitty Hawk Capital Partners V, a fund managed by Revcap Advisors.
SFERS has made three other investments with Revcap in the past.
Revcap, which did not respond to requests for comment, is seeking to raise £350m for its latest fund, according to sources that track capital raising.
Its previous fund closed in 2016 with £271m of commitments.
Revcap’s funds invest across sectors and can take on renovation and the leasing of empty space, according to SFERS.