San Francisco Employees’ Retirement System (SFERS) is expected to invest around $800m (€713.1m) in real assets a year for the next three years.

In a meeting document, investment consultant Cambridge Associates disclosed that the amount was based on a 4% overall growth in the pension fund’s $3.9bn real assets portfolio.

The new projection is lower than the previously reported $1bn pacing plan for this year.

Real estate accounts for 67.7% of the pension fund’s real asset portfolio. Natural resources and co-investments account for 30.1% and 2.1% of the portfolio respectively.

More than two-thirds (75%) of the real assets portfolio is located in North America.

Most of the pension fund’s investments have been through funds, although it can purse direct investments and co-investments.