San Francisco Employees Retirement System (SFERS) has increased its exposure to infrastructure assets within its real assets portfolio with a $75m (€64.1m) commitment to Blackstone’s latest secondaries fund.
The pension fund disclosed in a board meeting document that it has backed Blackstone’s Strategic Partners Infrastructure IV fund.
Blackstone declined a request for comment.
As reported by Blackstone in its first-quarter 2025 earnings, the fund with a $4bn fundraising target, had secured $2.4bn in capital commitments.
Infrastructure IV’s investment strategy involves acquiring existing limited partnership positions in funds or individual assets on the secondary market. The fund expects to invest in core and core-plus transactions across the power and utilities, transportation and digital sectors.
Most of the fund’s capital will be deployed in North America and Western Europe. Some potential transactions might involve assets in Asia and Latin America.
SFERS said it has also approved a $60m commitment to the Artemis Real Estate Partners Healthcare Fund III.
Fund III targets a $1.5bn capital raise and will invest in medical office, senior housing and debt.
Artemis Real Estate Partners raised $1bn in August 2022 for its second US healthcare property fund, following a $476m raised for its first healthcare fund in July 2017.
The manager’s capital raise for Fund III has already exceeded the amount raised by Fund I, according to people familiar with the fund.
Barings-owned Artemis Real Estate Partners declined a request for comment.
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