Florida SBA puts capital into CBRE, JP Morgan, Blackstone funds

The State Board of Administration (SBA) of Florida has committed nearly $400 million of capital to three real estate managers, according to a fourth quarter new managers report.

The largest commitment went to the CBRE U.S. Logistics fund managed by CBRE, in the amount of $150 million. CBRE U.S. Logistics is an open-end, core-plus commingled fund that will invest in industrial assets in the United States, specifically intermodal, warehouse-distribution and fulfillment facilities.

SBA Florida also committed €100 million ($112 million) to JPM European Opportunity Fund V, managed by JP Morgan Asset Management, and $100 million to Blackstone Real Estate Partners Asia III (BREP Asia III), managed by Blackstone Capital Partners. Both funds follow opportunistic strategies.

As of October 2021, BREP Asia III had secured $4 billion, against a target of $9 billion. A fundraising target for JPM European Opportunity Fund V was not learned.

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