Florida State Board of Administration is committing $100m (€86.2m) each to Asana Partners and FPA Multifamily US real estate funds, representing the pension fund’s first-ever investment with the managers.

The pension fund said it has backed the Asana Partners Fund IV and FPA Core Plus Fund VI funds.

As previously reported, the Asana Partners-managed fund has a fundraising target and hard cap of $1.5bn and will solely invest in US street retail and neighbourhood shopping centres.

FPA expects to raise $1.25bn for the fund focused on acquiring core-plus apartment assets at prices below replacement cost.

Florida SBA also has made a $175m commitment to PRISA III, increasing its holdings in the PGIM Real Estate fund.

The commitment comprises a $75m investment going directly into the open-ended fund, and $100m allocated to the PGIM PRISA III Sunshine Housing Sidecar entity as co-investment capital. The co-investment capital is expected to be invested in residential properties in various US markets.

The $2.9bn PRISA III fund’s current portfolio is primarily composed of multifamily properties at 58%, with single-family rental and student housing each making up 4%.

Florida SBA also said during the second quarter of the year, it committed $270m to apartments on the East Coast and $285m to apartments in Portland, Oregon, both through separate joint ventures with Invesco.

The pension fund also increased its exposure to build-to-rent with a $58m investment in a project in Lawrenceville, Georgia, and committed $62.5m to The Indy, a student housing project in Kennesaw, Georgia, both with Heitman as a partner.

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