Florida State Board of Administration (SBA) has invested $150m (€121m) in Starwood Opportunity Fund XII, joining Teachers’ Retirement System of the State of Illinois and a number of other investors in the multi-billion-dollar vehicle.

The pension fund told IPE Real Assets: “The new commingled fund provides additional diversification to the externally managed portfolio held by the SBA, and Starwood has been a good partner for the pension fund.”

Florida SBA has invested in three other real estate funds in Starwood’s global opportunity series.

The pension fund has also made $166m in direct real estate acquisitions in the US, including two medical office buildings and a multifamily asset, according to a board meeting report.

The medical office assets are the Aurora Health Center in Greenville, Wisconsin and the Lovelace Medical Group building in Albuquerque, New Mexico, both of which are fully occupied.

They were purchased for $100m by separate-account manager Heitman, with $44m of equity from Florida SBA.

The apartment deal involves the 300-unit Mission Point Apartments development project in Orlando.

Florida SBA paid $66m, using $24m of equity, through another separate-account manager, MetLife.

Both Hines and MetLife declined to comment on the transactions.