Pension fund commits £40m to Kitty Hawk Capital Partners V.: San Francisco Employees Retirement System (SFERS) is investing £40m (€44.5m) in a pan-European opportunistic real estate fund. A board meeting report shows that the pension fund is investing in Kitty Hawk Capital Partners V, a fund managed by Revcap Advisors. Revcap, which did not respond to requests for comment, is seeking to raise £350m for its latest fund, according to sources that track capital raising. Revcap’s funds invest across sectors and can take on renovation and the leasing of empty space, according to SFERS.