San Francisco commits $50m to DivcoWest
The San Francisco Employees’ Retirement System has committed $50 million to DivcoWest Fund IV, according to board documents from the retirement system. This commitment is SFERS’ first investment with DivcoWest. The Townsend Group advised SFERS with the commitment.
DivcoWest Fund IV is a value-add fund that will seek to acquire, reposition, redevelop and in some cases create the new development of office and R&D properties occupied by corporate tenants in the rapidly growing technology and energy industries. The fund will invest in Austin; Boston; Denver; New York City; Portland, Ore.; Raleigh-Durham, N.C.; the San Francisco Bay Area; Seattle; Southern California; and Washington, D.C. — though board documents state that a minimum of 50 percent of the