San Francisco Employees’ Retirement System has invested in aircraft leasing for the first time.

A board meeting report shows that the pension fund committed $50m (€44m) to WNG Aircraft Opportunities Fund II, which it has classified as a real estate investment.

The fund will acquire used Airbus and Beoing aircraft with leases expiring in the medium or near term.

Fund manager WNG Capital has invested in 59 aircraft and struck relationships with 39 airlines since it was established in 2009 by former Deutsche Bank professionals.

WNG did not respond to a request for comment.