Florida Pension Pumps $1.5B into Real Estate, PE in Q4

The Florida State Board of Administration (SBA) allocated $1.5 billion to new investments in the fourth quarter of 2024, emphasizing real estate and private equity mandates, as per recently released documents. The board manages $238 billion in assets.

Real estate was the primary recipient of new capital, securing more than $1 billion. The focus was primarily on U.S. assets, with notable allocations including $150 million to the Principal Data Center Growth & Income Fund and $100 million to Carlyle Property Investors. Despite these investments, the system’s real estate portfolio, valued at $18.8 billion, remains below its target allocation.

Additional commitments were made to Invesco Advisors’ Laredo Logisitics fund ($73 million), L&B Realty Advisors’ REPIMAC Lender fund ($50.5 million), and Heitman Capital Managment’s Montecito III ($22 million), among others.

Meanwhile, the $18 billion private equity program also remains below its target allocation. In the fourth qurter, the system allocated $150 million to Thoma Bravo Fund XVI and $100 million each to MBK Partners Fund V and Thoma Bravo Discover Fund V.

Both the real estate and private equity portfolios are progressively embracing direct investment strategies, enhancing their utilization of co-investments and direct funding efforts.