JP Morgan Asset Management is seeking to raise €1.8bn for its latest European fund, according to an investor.

Florida State Board of Administration (SBA) told IPE Real Assets that it has approved a €100m commitment to the JPM European Opportunity Fund V fund.

The non-core fund’s portfolio is expected to comprise 80% office buildings with residential and logistics assets accounting for 10% each as it targets a 15% net internal rate of return.

JP Morgan did not respond to a request for comment.

Florida SBA said it has also approved a $150m commitment to the CBRE US Logistics Partners fund as part of the pension fund’s “continuous long-term build-out of our real estate portfolio”.

The open-ended core-plus US industrial real estate fund targets a net internal rate of returns of 8% to 10%.

CBRE Investment Management declined a request for comment.

Florida SBA has approved a $100m commitment to Blackstone Real Estate Partners Asia III.

Last year, IPE Real Assets reported that Blackstone had raised $4bn for the opportunistic Asia III fund and expected to more than double this to $9bn.

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