Florida State Board of Administration, Tallahassee, reported $1.5 billion in commitments and investments completed during the fourth quarter, in a new managers report posted on its website.
The board oversees $267.7 billion in state assets, including the $205.8 billion Florida Retirement System pension plan.
Within real estate, the board committed $150 million to Principal Data Center Growth & Income Fund, an opportunistic real estate funds managed by Principal Real Estate Investors; and invested $150 million in Landmark Properties Programmatic Student Housing, $121 million in Ridgeville Car Drive IND, $97 million in LMP STH Orlando 1705 France Dr, $52 million in LMP STH Venture, and $8 million each in CSIM Cedar Hill RTL and CSIM 2024 Shops, all real estate portfolios in joint ventures between the board and Core and Value Advisors, an affiliate of Stockbridge Capital Group.
In other direct real estate investments, the board invested $144 million in Modera Marmalade – Mill Creek, a real estate portfolio in a joint venture between the board and MetLife Investment Management, and $73 million in Laredo Logistics, a real estate portfolio in a joint venture between the board and Invesco.
Also, SBA made a follow-on commitment of $100 million to Carlyle Property Investors, an open-end core-plus real estate fund managed by Carlyle Group. The board previously committed $100 million to the fund in 2017 and $150 million in 2021.
The board also made two follow-on investments totaling $53 million in Montecito 300 Ventures III, a healthcare real estate portfolio in a joint venture between the board and Heitman. SBA had previously invested a total of $368 million in the portfolio in 2023 and 2024.
As of Nov. 30, the pension plan’s actual allocation to real estate was 9.1%; the target is 12%.
Within private equity, SBA committed $150 million and $100 million, respectively, to buyout funds Thoma Bravo Fund XVI and Thoma Bravo Discover Fund V; $100 million to Asian-focused middle-market buyout fund MBK Partners Fund VI; $75 million to Frazier Healthcare Growth Buyout Fund XI, a buyout and growth equity fund managed by Frazier Healthcare Partners; and $16 million to Ichos Holdings, a private equity co-investment managed by KPS Capital Partners.
SBA also announced private equity co-investment commitments of $10 million each to CB Paris Co-Invest managed by Centerbridge Partners; HEQ Deepwater II managed by Quantum Capital Group; 26N Private Equity Partners I LP-ArchKey Solutions managed by 26N Partners; and Webster StrideCare Co-Investment Fund managed by Webster Equity Partners.
As of Nov. 30, the pension plan’s actual allocation to private equity was 9%; the target is 10%.
Within its strategic investments asset class, the board made a follow-on commitment of $70 million to Tintoretto Reinsurance Partners, an insurance fund managed by RenaissanceRe Fund Management. SBA made two previous commitments totaling $200 million to the fund.
As of Nov. 30, the pension plan’s actual allocation to strategic investments was 6.1%; the target is 4%.
