To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionFlorida SBA commits $375m to opportunistic funds in Q1
The State Board of Administration (SBA) of Florida has closed two opportunistic real estate fund investments worth $375 million in first quarter 2020.
According to a recent investment report, Florida SBA committed $225 million to Cerberus Institutional Real Estate Partners V, an opportunistic fund managed by Cerberus Capital Management, and $150 million to TriGate Property Partners IV, managed by TriGate Capital.
Both of the commitments build on existing relationships with the firms.
Cerberus Institutional Real Estate Partners V was launched in January and will pursue an investment strategy focused on distressed or otherwise undervalued real estate transactions globally, with a focus on the United States and Western Europe.
TriGate Property Partners IV was launched about a month after the Cerberus fund and will also target debt and distressed properties throughout the United States.