The State Board of Administration (SBA) of Florida has committed $150 million to the Starwood Distressed Opportunity Fund XII, a closed-end opportunistic fund managed by Starwood Capital Group.
The investment closed in the fourth quarter of 2020, according to a report released on Feb. 1. Starwood does not appear to be a new manager for Florida SBA.
Florida SBA joins a number of other U.S. pension funds in backing the Starwood Distressed Opportunity Fund XII, including South Dakota Investment Council, Oklahoma Police Pension & Retirement System, Houston Police Officers Pension System, Oklahoma Teachers Retirement System, Teacher Retirement System of Texas and Texas County & District Retirement System.
Fund XII will invest primarily in the United States and Europe and is believed to be targeting a capital raise of $7.5 billion.
As of Jan. 31, the Florida SBA had $234.95 billion in assets under management, and the estimated value of the FRS Trust Fun
