San Francisco Employees Retirement System (SFERS) has allocated $98m (€86.8m) to two new real assets strategies.

According to a board meeting report, the pension fund is committing $65m to a communication infrastructure fund run by Peppertree Capital Management.

Peppertree Capital Fund IX will invest in cell towers, fibre networks and small cells.

Its predecessor raised $927m last year.

SFERS has also committed $33m to Spring Lane Capital Fund II, which backs entrepreneurs and project developers in sustainable infrastructure sectors, including food and agriculture, energy, water, waste and transportation.

This commitment was part of the fund’s first close which secured $151m of commitments.

Spring Lane Capital is aiming to raise $400m for the fund.