Institution: State Board of Administration of Florida
Headquarters: Tallahassee, US
AUM: $225.38 billion
Allocation to real estate: 11.2%
According to a new manager report on its website, the State Board of Administration of Florida (SBA) has committed $727.7 million in investments during the fourth quarter.
$300 million was allocated to iStorage II investments. Of Florida SBA’s $28.03 billion real estate portfolio, 11.2 percent is committed to re-allocation.
In addition, the pension fund committed $35 million to Landmark Real Estate Fund IX and invested $75 million in Landmark Real Estate Partners Sunshine Co-Investment Fund. Landmark Real Estate Fund IX aims to raise $3.5 billion. Aeolus Property Catastrophe Keystone PF Fund also received commitments totaling $123 million.
Furthermore, SBA invested $78 million in the Alterra IOS Venture III fund, marking its first collaboration with Alterra Property Group. Alterra Property Group is targeting a fundraising goal of $750 million, with a hard-cap of $850 million for its latest US industrial outdoor storage fund. The fund secured $209.3 million during its initial closing in October.
Moreover, Florida SBA expanded its existing relationship with L&B Realty Advisors and Stockbridge adding additional commitments of $115.7 million to REPIMAC Lender and $1 million to the joint venture entity Central Port Logistics I.
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