The San Francisco Employees' Retirement System (SFERS) has committed $40 million to Milestone Real Estate Investors V, a closed-end value-add real estate fund managed by The Milestone Group.
The Florida-based real estate investment manager opened its fifth fund to investors in August 2020. Fund V will invest across the real estate spectrum, acquiring multifamily assets, debt and distressed properties throughout the United States.
The previous fund in the series, Milestone Real Estate Investors IV, closed with $320 million in capital commitments. Prior to that, Fund III collected $108 million against a $300 million target in 2012.
SFERS could not be reached to comment on its investment activity at the time of publication.
