Florida State Board of Administration, Tallahassee, disclosed $594 million in commitments and investments completed during the fourth quarter in a new manager report emailed by spokeswoman Emilie Oglesby.
The board oversees a total of $232.5 billion, including the $181.7 billion Florida Retirement System.
Within its strategic investments asset class, the board committed $150 million to Torchlight Debt Opportunity Fund VIII, a real estate debt fund managed by Torchlight Investors.
As of Nov. 30, the Florida Retirement System's actual allocation to strategic investments was 11.2%; the target is 12%.
Within real estate, the board invested $136 million and $50 million, respectively, in Foundry Phase V and Foundry Lakeside Station, both real estate portfolios in a joint venture between the board and Core and Value Advisors, an affiliate of Stockbridge Capital Group; and made additional investments totaling $193 million in KCS Icebox Venture, a cold storage property joint venture between the board and manager L&B Realty Advisors. The board originally invested $33 million in the cold storage joint venture in the second quarter of 2022.
The board in the fourth quarter invested an additional $65 million in Montecito 300 Ventures II, a health-care real estate portfolio in a joint venture between the board and manager Heitman. The board originally invested $40 million in the third quarter of 2022.
As of Nov. 30, the FRS' actual allocation to real estate was 11.9%; the target is 10%.