Florida SBA, Heitman Capital Form Investment Venture

Florida State Board of Administration (SBA) has committed $300 million to a newly created investment venture with Heitman Capital Management. According to the pension fund, capital for the iStorage II venture will be invested in existing core assets in the U.S.

Florida SBA’s $19.1 billion real estate portfolio includes 13.2 percent allocated to other property types such as self-storage, data centers, hotels, and agriculture.

The pension fund also said it has made a $35 million commitment to Landmark Real Estate Fund IX ( LREF IX) and invested $75 million as co-investment capital alongside the fund. LREF IX, which seeks to raise $3.5 billion, expects to mainly invest by acquiring limited partner interests in existing real estate funds and other entities.

Florida SBA also made a $78 million commitment to the Alterra IOS Venture III fund, marking the pension fund’s first collaboration with Alterra Property.