Florida State Board of Administration (SBA) committed $500m (€460.4m) to four opportunistic real estate funds, forming part of the pension fund’s almost $1bn commitment to real assets during the second quarter of the year.
The pension fund said it made a $150m commitment each to the Starwood Distressed Opportunity Fund XIII Global and Carlyle Realty Partners X funds, placed $100m into Partners Real Estate Fund X. Florida SBA also allocated $100m to the Kennedy Lewis Residential Property Income Company, a fund managed by Kennedy Lewis Management, which focuses on residential development through its real estate finance strategy.
As part of its second-quarter investments, Florida SBA allocated $251.1m to three separate credit facility loans, each managed by Stockbridge through Core and Value Advisors entity.
Florida SBA expanded its core industrial portfolio with the $52.5m acquisition of the Laredo Maybird property in Laredo, Texas, through an separate account relationship.
The pension fund said it also Florida SBA said it closed two alternative property deals through : an $18.3m core medical office acquisition and a $7.5m build-to-rent joint venture.
During the period, the pension fund also made a new commitment of $150m to its infrastructure portfolio, investing in Hull Street Energy Partners III, a North American power sector assets fund.
Hull Street Energy, the fund’s manager, previously raised $1.12bn for the previous fund in the series which closed in March 2022.
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