Investors - JUNE 15, 2015

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San Francisco ERS targets European real estate

by Zoë Wolff

The San Francisco Employees’ Retirement System has committed $162.5 million to two real estate funds, according to a spokesperson for the pension fund.

The pension fund approved commitments of €100 million ($112.5 million) to European Property Investors Special Opportunities IV and $50 million to Westbrook Real Estate Fund X.

EPISO IV is a value-added/opportunistic fund managed by Tristan Capital Partners. The fund is targeting equity commitments of €950 million ($1.1 billion). The fund is expected to use around 60 percent leverage and will target net returns of about 15 percent.

Westbrook Partners’ Real Estate Fund X will invest in Western Europe as well as the United States and Japan. The value-added fund is looking to raise $2.5 billion, with leverage below 50 percent.

These commitments come shortly after the $19.9 billion pension fund made its first investment in a European real estate fund.

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