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Florida commits $150m to real estate
The Florida State Board of Administration has made commitments this year of $150 million to two real estate funds: $100 million to Blackstone Real Estate Partners VIII and $50 million to Heitman Value Partners III.
Blackstone Real Estate Partners VIII held a final close earlier this year, having raised $15.8 billion in commitments. The opportunistic fund focuses on distressed, out-of-favor and undermanaged properties. The fund — the largest real estate private equity fund to date — has received commitments from numerous institutional investors, including the Virginia Retirement System, the Indiana Public Retirement System, the