Investors - NOVEMBER 4, 2015

Florida commits $205m to energy and real estate

by Zoë Wolff

The Florida State Board of Administration has committed a total of $204.8 million to energy and real estate during the third quarter, according to John Kuczwaski, communications manager.

The FSBA, which oversees investments for the $144.6 billion Florida Retirement System, committed $100 million to GSO Energy Select Opportunities Fund. The fund, managed by GSO Capital Partners, invests in North American energy infrastructure. Earlier this year, the fund received commitments from the Michigan Department of Treasury and the New Jersey Division of Investment. Additionally, the board committed $50 million to Chambers Energy Capital III, which focuses on opportunistic credit investments in energy.

In real estate, the FSBA committed €50 million ($54.8 million) to Tristan Capital Partners’ European Property Investors Special Opportunities IV fund. The fund held a first and final close earlier this year after raising €1.5 billion ($1.6 billion) in four months. The fund was forced to turn down nearly €500 million ($544.8 million) of investor commitments. The Texas Permanent School Fund and the San Francisco Employees’ Retirement System both invested in the fund earlier this year.

The FSBA’s target allocations to real estate and strategic investments are 10 percent and 12 percent, respectively.

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