Florida Pension Commits Over $500M Across Four Real Estate Funds
The Florida State Board of Administration (SBA), which manages $241 billion in assets, put over $500 million to work in four real estate funds.
Allocations were made across current managers, including lending opportunities, under the $27 billion real estate program. The strategies ranged from co-investment to opportunistic and non-core allocations.
The Tallahassee-based investment fund made a $105 million commitment to L&B Realty Advisors’ KCS Icebox Venture, $45 million to Heitman’s Coinvest Red Arrow, $335 million to Heitman’s Montecito III, and $48 million to SitusAMC’s REPIMAC Lender.
Separately, SBA earmarked nearly $1 billion across seven funds to its over $22 billion private equity portfolio in strategies ranging from distressed to buyout/growth.
The allocations included $200 million to KPS Special Situations Fund VI; $75 million to KPS Special Situations Mid-Cap II; $100 millionto American Industrial Partners Capital Fund VIII; $200 million to FSBA AAM Strategic Fund II (Aegon USA Investment Management); and $214 million to CVC Capital Partners IX.
The private equity portfolio was down 5% in the year to July. According to the fund’s performance numbers. Real estate was down more than 6% during the same period.
Pictured: Florida State Board of Administration, Tallahassee