San Francisco Employees Retirement System (SFERS) has approved $130m (€115.9m) of new commitments into private credit and real estate funds.
The pension fund disclosed in a meeting document that it has made a $75m commitment to Castlelake Aviation V Stable Yield and place $55m into the CapRock Partners Industrial Value Fund IV fund.
As previously reported, global alternative investment firm Castlelake Capital is seeking to raise $2bn for its fund to invest in opportunities across the aviation sector. Castlelake Aviation V Stable Yield will invest in debt and sale/leaseback transactions and do some direct leasing deals as well.
SFERS disclosed that its commitment to the Castlelake fund is being made via the global specialty finance sector of its private credit portfolio.
For the fiscal 2024 year that started on 1 July, the pension fund has set a private credit pacing amount of $850m.
The private credit portfolio includes a mixture of transactions including real estate debt, mezzanine, speciality finance and distressed credit.
Fundraising details of the CapRock Partners industrial fund are currently unknown. The fund is expected to invest in value-add industrial assets located in the West and Central regions within the US.
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