The State Board of Administration of Florida (SBA) has committed $283 million to two joint ventures, including accounts managed by Heitman and Invesco.
Montecito 300 Ventures III, managed by Heitman, is a healthcare real estate portfolio in a joint venture between the Florida SBA and Heitman. The investment of $62 million is an additional allocation, as the pension fund has continuously committed to the vehicle in recent years.
Bozzuto I, a program of Invesco, received $221 million in an additional allocation for its core strategy investing in multifamily properties in the East Coast of the United States.
The SBA had $275.6 billion in total assets under management, as of July 31, 2025. As of then, the public pension fund had a 12 percent real estate allocation target with $26.2 billion in total real estate assets.
