The Florida State Board of Administration (Florida SBA) is investing $325m (€282m) in real estate and infrastructure.
The US pension fund is backing Blackstone Real Estate Partners Europe V vehicle with $100m.
The opportunity fund will be investing in industrial, retail and hotel assets in Europe.
Florida SBA is also backing US-focused opportunity fund TriGate Property Partners III with a $75m commitment.
TriGate Capital is targeting a net 15% IRR for Partners III, with a major focus on non-US gateway cities, where the investment manager believes there is less competition.
Partners III will invest in office, retail and industrial properties either through debt or equity.
The long-term plan is to transfer debt positions into equity stakes.
All of the capital will be invested in existing properties, with assets improved through repositioning or recapitalisation.
Florida SBA also approved a $150m commitment to the Global Infrastructure Partners III, focused on North America and Europe.
The planned capital raise for the fund is $12.5bn, with a $15bn hard cap and projected 15-20% gross IRR.
Most of the capital will be invested in energy, transaction and water/waste types of infrastructure.
The fund will look to make 10-14 equity investments, with Global Infrastructure Partners seeking a controlling interest in all of its transactions.