Florida commits $400 million to real estate and infrastructure
The $157 billion Florida State Board of Administration has committed $400 million to real estate and infrastructure.
The board invested $100 million in Starwood Opportunity Fund IX, an opportunistic real estate fund managed by Starwood Capital Group. Starwood Distressed Opportunity Fund IX launched in August 2011 and is expected to close with almost $3 billion in equity at the end of 2012.The fund focuses predominantly on distressed opportunities in the United States but will be able to invest between 20 percent and 30 percent in Europe, with a further 10 percent to 20 percent targeting Brazil and India. Recent investors include the Los Angeles Fire and Police Pensions, Illinois Municipal Retirement Fund, and New York State Teachers’ Retirement System.
The Florida State Board of Administration also committed $300 million to IFM