Florida State Board of Administration (SBA) has increased its infrastructure exposure through a $150m (€129.7m) commitment to the Asterion Industrial Infrastructure Fund III fund.
The commitment to the mid-market European infrastructure fund marks the pension fund’s first-ever relationship with Asterion Industrial Partners.
The investment by Florida SBA was made as the fund manager finalised its €3.4bn capital raise, which closed in July.
According to the Florida SBA’s third quarter 2025 investment report, the pension fund completed a number of US real estate transactions through its separate account managers.
Two apartment acquisitions were made through Invesco Real Estate as part of a joint venture with Bozzuto focused on acquiring East Coast apartment assets. These transactions include the $147m purchase of the 454-unit Ashton at Dulles Corner in Herndon, Virginia, and the $73.6m acquisition of the 220-unit Enders Place in Orlando.
Florida SBA completed two separate transactions through Heitman. The pension fund invested $43.9m into the Harmon Ashton Oaks single-family rental development project in Wesley Chapel, Florida. It also increased its ownership of medical office buildings with two transactions totaling $61.9m, both acquired as part of a joint venture with Heitman and Montecito.
The pension fund paid $36.7m to buy an asset in Warwick Rhode Island and $25.2m for a property in Texas.
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