SFERS backs Niam Nordic VII and EPISO 5 opportunistic real estate funds. : San Francisco Employees’ Retirement System (SFERS) is investing €175m in two opportunistic European real estate funds. The $22.2bn (€19.1bn) pension fund said in a board meeting document that it is committing €75m to Niam’s Nordic VII and €100m to Tristan Capital Partners’ European Property Investors Special Opportunities 5 (EPISO 5). Nordic real estate specialist Niam declined a request for comment. The company raised €800m for Nordic VI in February 2016.