San Francisco Employees’ Retirement System has committed $33 million to Spring Lane Capital for its second fund.
The Boston-based firm is targeting $400 million for the vehicle, which will invest in sustainable infrastructure assets.
In November, Spring Lane announced a first close for the fund and two investments. In one deal, the firm has partnered with an unnamed investor to commit $13.5 million to Vandalia Growers USA, an indoor farming company based in West Virginia. For the other, Spring Lane said it has helped launch an organic natural gas developer in California.
The firm said at the time that the corner of the market it was targeting includes areas “more traditional forms of project capital cannot access due to their scale and the limitations of existing investment models”.
According to documents from SFERS, the pension’s commitment “is classified as a Natural Resources investment within the Real Assets portfolio and is SFERS’ first investment with Spring Lane Capital”.