The San Francisco Employees’ Retirement System has approved a $50m (€45m) commitment to the HSI Real Estate V fund, according to a board meeting document.

The investment would be the pension fund’s first with HSI.

HSI is an active investor with a diversified portfolio of real estate assets in Brazil, including retail.

The investment company has five projects in operation and four under construction, totalling more than 300,000sqm.

HSI is also active in the development of logistics and industrial properties, with more than 1m sqm of projects and a further 258,195sqm under development.

The company has invested in the development of office and residential assets.

San Francisco’s investment is part of a continued effort to add more international exposure to its real estate portfolio.

In a public board meeting document from last November, it said its current portfolio was more than 50% weighted towards core assets, with 80% of existing assets in the US.

Since then, the pension fund has added two commitments in Europe, €100m to Blackstone Real Estate Partners Europe V and £40m (€51.3m) to Brockton Capital Fund III last year.

The pension fund will look to continue to invest in non-core and international real estate through funds or limited partnerships.