Florida State Board of Administration has become a limited partner in four new investments for its infrastructure portfolio totaling $500m (€428.5m), according to documents filed by the pension fund.
One of the commitments will create a new manager relationship for the pension fund. This involves a $150m investment in the Blue Owl Digital Infrastructure Fund III.
This commitment is part of $7bn worth of total capital commitments to the commingled fund that had a final close in mid-May of this year, Blue Owl Capital said. The capital raise exceeded the original target of $4bn and hit its hard cap.
The fund, which has an opportunistic strategy, will be focused on developing, acquiring, and owning data centres and other connectivity related real assets to help meet the AI and cloud-driven global digital capacity needs of the world’s largest technology companies. The main focus will be on large-scale, build-to-suit developments, it added.
Florida SBA has also committed $150m into I Square Capital’s ISQ Growth Markets Infrastructure Fund II.
I Square Capital had raised $1.78bn for Fund I in the series with a final close in June 2023. The new fund has a value-add strategy across the energy, utilities, telecommunications, social, and transportation sectors and is targeting opportunities in Asia-Pacific and Latin America.
The other two commitments were both issued into commingled funds managed by Energy Capital Partners Management.
These were $125m into ECP VI and $75m in ECP Sun Coast Holdings.
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