Florida State Board of Administration (SBA) committed $500m (€460.4m) to four opportunistic real estate funds, forming part of the pension fund’s almost $1bn commitment to real assets during the second quarter of the year.
The pension fund said it made a $150m commitment each to the Starwood Distressed Opportunity Fund XIII Global and Carlyle Realty Partners X funds, placed $100m into AEW Partners Real Estate Fund X. Florida SBA also allocated $100m to the Kennedy Lewis Residential Property Income Company, a fund managed by Kennedy Lewis Management, which focuses on residential development through its real estate finance strategy.
As part of its second-quarter investments, Florida SBA allocated $251.1m to three separate credit facility loans, each managed by Stockbridge through Core and Value Advisors entity.
Florida SBA expanded its core industrial portfolio with the $52.5m acquisition of the Laredo Maybird property in Laredo, Texas, through an Invesco Real Estate separate account relationship.
The pension fund said it also Florida SBA said it closed two alternative property deals through Heitman: an $18.3m core medical office acquisition and a $7.5m build-to-rent joint venture.
During the period, the pension fund also made a new commitment of $150m to its infrastructure portfolio, investing in Hull Street Energy Partners III, a North American power sector assets fund.
Hull Street Energy, the fund’s manager, previously raised $1.12bn for the previous fund in the series which closed in March 2022.
To read the latest IPE Real Assets magazine click here.
