Florida State Board of Administration has awarded capital to Lotus Infrastructure Partners for the first time with a $100m (€85.7m) commitment into Lotus Infrastructure Fund IV, according to the pension fund.
This commitment came in at the end of the $1.8bn total capital raise for the fund. The final close was earlier this month.
Florida SBA received commitments issued directly into the commingled fund, co-investments, and a single-asset continuation vehicle.
Lotus Infrastructure is expected to invest capital in Fund IV across a variety of infrastructure sectors, including power generation/transmission, battery storage, biofuels, and other fuels like ammonia and methanol. The fund manager tends to target assets that are located in both the US and Canada.
Florida SBA added two additional commitments to its infrastructure portfolio totaling $200m during the second quarter of this year. One was a $150m commitment into the ISQ Global Infrastructure Fund IV.
The other commitment was a $50m co-investment into the ERA Infra II commingled fund. This fund invests in North America mid-market value-add assets.
The targeted sectors for the fund include cold storage, renewable natural gas, and fibre optic.
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