S
culptor Capital Management's latest opportunistic real estate fund has secured a significant boost from the San Francisco Employees' Retirement System (SFERS), with an additional $50 million commitment. This brings SFERS' total investment in Sculptor Real Estate Fund V to $100 million, following an initial $50 million allocation last September.

    The fund, which is seeking to raise $3 billion, will focus on acquiring alternative assets such as gaming properties, hotels, and senior housing. With a target net internal rate of return (IRR) between 14% and 18%, Sculptor Capital's Fund V aims to deliver strong returns for its investors.

    In related news, SFERS has also agreed to roll over its $50 million investment in New Mountain Net Lease Partners into the New Mountain Net Lease Trust. This move allows SFERS to maintain its exposure to New Mountain's net-lease real estate strategies, which include sale-leasebacks, acquisitions, build-to-suit, and forward takeout commitments.

    The Sculptor Capital fund is expected to deploy at least two-thirds of its capital in North America, with a potential allocation of up to 20% in Europe. The fund will invest in a mix of equity, debt, and hybrid debt/equity structures, targeting mid-market transactions between $25 million and $75 million.