Florida State Board of Administration (SBA) has made its first-ever joint venture to co-invest alongside real estate funds managed by Heitman.

The pension fund confirmed to IPE Real Assets that it is committing $90m (€80.4m) to the Heitman SBAF GP Co-investment JV, which will invest alongside future Heitman funds.

Real estate fund manager Heitman declined to comment.

The joint venture is designed to help diversify Florida SBA’s real estate porfolio by investing in non-core assets, including specialist property types.

Florida SBA also has approved a $25m commitment to the Rockpoint Real Estate Fund VI.

The value-add fund will focus on coastal gateway markets in the US.

The Indiana Public Retirement System is another new entrant to the fund, committing $50m commitment, according to a board meeting document.