San Francisco Employees’ Retirement System (SFERS) is to invest $150m (€135m) in communication infrastructure and industrial property.

The pension fund is committing $75m to both Peppertree Capital Fund VIII and Cabot Industrial Value Fund VI.

Peppertree Capital Management focuses on communication infrastructure companies globally.

SFERS is placing the fund in its real estate allocation.

The pension fund joins Illinois State Universities Retirement System and other investors in the Cabot Industrial Value Fund VI, for which Cabot Properties is seeking to raise $800m, according to industry sources.

The fund will invest as much as 80% of its capital in the US, and has set the UK and Netherlands as other potential markets.