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SFERS approves first-time investment with Gaw Capital

by Andrea Waitrovich

The $15.6 billion San Francisco Employees' Retirement System (SFERS) has approved a commitment of up to $52 million to Gateway Real Estate Fund IV, managed by Gaw Capital. This is SFERS’ first investment with Gaw Capital.

Gateway Fund IV launched in July 2012 with a $1 billion goal, making it Gaw’s largest fund raised to date. A final close is scheduled for this summer. To date, the opportunistic fund has raised $780 million. And it has started to invest some of its capital. It is attracted to all asset classes, including hotel, office, residential and mixed-use properties.

The SFERS has a target allocation to real estate of 12 percent. An actual allocation to real estate was not disclosed.

Recent commitments approved by the pensio

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