San Francisco Employees Retirement System (SFERS) has added The Milestone Group to its real estate manager line-up with a $40m (€32.8m) commitment to the manager’s fund.

The $26.6bn pension fund said in a meeting document that it has made the commitment into the Milestone Real Estate Investors V multifamily fund.

Milestone, which completed a $750m capital raise for the fund last month, intends to invest in more than $2bn worth of US assets.

The fund’s strategy includes buying existing assets, investing in underperforming new construction and partnership recapitalisations.

The fund has already committed around $120m of capital into several deals. These include the acquisitions of properties in Rockville, Maryland and two assets in Arizona.

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