The San Francisco Employees’ Retirement System (SFERS) has invested $50 million in Peppertree Capital Fund (PCF) X.
Managed by Ohio-based Peppertree Capital Management, PCF X is focused on investing in growing communication infrastructure companies, both in the United States and internationally.
Founded in 2004, Peppertree has more than $4.75 billion of assets under management and has made 140 investments in communication infrastructure companies in 12 countries.
This commitment marks SFERS’s third investment with Peppertree Capital Management.
As of Nov. 30, 15.5 percent ($5.29 billion) of SFERS’ $34.1 billion portfolio was allocated toward real assets, above its 10 percent target for the asset class and slightly outside its 8 percent to 15 percent target allocation range.