Florida SBA approves $275m to private real estate

The Tallahassee-based pension fund backs three real estate vehicles in its latest investment report.

Institution: Florida Retirement System Trust Fund
Headquarters: Tallahassee, US
AUM: $183.4 billion
Allocation to alternatives: 26.5%

Florida Retirement System Trust Fund has approved $275 million-worth of commitments across three private real estate vehicles, according to the pension’s Q3 Investment Report.

The commitments comprise $100 million apiece to Carlyle Realty Partners Fund IX and CBRE Asia Value Partners VI. The remaining $75 million was allocated to Exeter Group‘s fourth European Logistics fund. The commitment to the Exeter Group marks a new fund manager relationship for the State Investment Board of Florida. Townsend Group was the investment consultant for all three transactions.

The $183.4 billion US pension fund has a 10 percent target allocation to real estate, which currently stands at 8.5 percent.

As illustrated below, the recent commitments made by the pension has targeted diversified real estate vehicles across North America, Europe and Asia-Pacific.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.