San Francisco commits $50m to value-added real estate
The San Francisco Employees’ Retirement System has committed $50 million to Gaw Capital’s U.S. Value-Add Fund, according to Norm Nickens, board secretary with SFERS.
The value-added fund launched in February 2014 with a $500 million fundraising goal and is targeting a June 30, 2015, final close date. The fund will be run by Gaw Capital’s recently formed U.S. unit and will target value through the repositioning and redevelopment of properties with a special focus on office and hospitality redevelopments.
The approximately $16 billion retirement system has already committed at least $100 million to noncore real estate in 2014, committing $50 million to DivcoWest Fund IV in January and another $