Florida commits $350m to real estate
The $184.7 billion Florida State Board of Administration has committed a total of $350 million to two real estate funds, according to John Kuczwanski, communications manager for the pension fund.
FSBA committed $200 million to Cerberus Institutional Real Estate Partners IV. The fund, managed by Cerberus Capital Management, is targeting $1.5 billion in equity commitments and will focus on distressed real estate investments in North America and Western Europe. The fund recently received a commitment from the San Francisco City & County Employees’ Retirement System.
FSBA also committed $150 million to Colony Distressed Credit and Special Situations Fund IV. The opportunistic debt fund, managed by Colony Capital, focuses on debt on multifamily, hotel, office, retail, industrial and land properties globally. The