Institution: Florida Retirement System Trust Fund
Headquarters: Tallahassee, US
AUM: $235.2 billion
Allocation to real estate: 11.6%
Florida Retirement System Trust Fund (FRSTF) has committed $722.2 million across five real estate vehicles, according to its Q2 report.
The pension committed $180.4 million to Stockbridge‘s Central Port Logistics I, which primarily focuses on value-add investments in North America.
A total of $100m went to Fairfield US Multifamily Value Add Fund IV, which was launched in Q4 2022. It has a target of $1 billion and is dedicated to value-add approaches, focusing on North America.
The pension committed $274.2 million to MetLife Investment Management‘s NorthPoint Tampa, a real estate portfolio in a joint venture between the board and MetLife Investment Management.
A total of $92.6 million went to KCS Icebox Venture. L&B Realty Advisors launched the KCS fund in December 2022, to focus on investments in North America.
The pension also backed Bell Value Add Fund VIII with $75 million. This is Bell Partners‘ eighth flagship fund, launched in Q4 2022 with a target of $1 billion. It has already secured $1.3 billion in commitments and held a final close in June 2023.
FRSTF allocates 11.6 percent of its investment portfolio to real estate, resulting in a capital commitment of $27.28 billion.
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