Florida State Board of Administration, Tallahassee, disclosed just over $1.8 billion in commitments and investments completed during the fourth quarter, a new manager report on its website shows.
The board oversees $225.4 billion in state assets, including the $176.3 billion Florida Retirement System.
Within real estate, the board committed $300 million to iStorage II, a self-storage real estate portfolio in a joint venture between the board and manager Heitman; $78 million to value-added real estate fun Alterra IOS Venture III; and $75 million and $35 million, respectively, to real estate co-investment fund Landmark Real Estate Partners Sunshine Co-Investment Fund and secondary real estate fund Landmark Real Estate Fund IX, both managed by Landmark Partners.
As of Oct. 31, the actual allocation to real estate was 11.9%; the target is 10%.
Within global equities, the board invested an additional $1 billion with active global equity manager Morgan Stanley Investment Management. As of June 30, MSIM managed about $2.2 billion for the board, according to its annual investment report.
As of Oct. 31, the actual allocation to global equities was 48.1%; the target is 53%.
Within its strategic investments asset class, the board made follow-on commitments of $200 million to Juniperus Insurance Opportunity Fund, an insurance fund managed by Pillar Capital Management; $123 million to Aeolus Property Catastrophe Keystone PF Fund, an opportunistic/alternative reinsurance fund that specializes in property catastrophe insurance coverage managed by Aeolus Capital Management; and $75 million to Tintoretto Reinsurance Partners, an insurance fund managed by RenaissanceRe Fund Management.
The board previously committed $150 million, $100 million and $125 million, respectively, to the funds during the second quarter of 2019.
As of Oct. 31, the actual allocation to strategic investments was 12.1%; the target is 12%.
