SBA Florida backs Cerberus, MetLife Investment Management strategies

The State Board of Administration (SBA) of Florida has invested $150 million in Cerberus Institutional Real Estate Partners VI (CIREP VI), an opportunistic fund managed by Cerberus Capital Management, according to a first-quarter new managers report.

CIREP VI is a closed-end fund focused on undervalued and/or distressed real estate and real estate–related investments. The vehicle will seek to invest globally, using a multi-strategy investment approach to capitalize on prevailing market conditions and opportunities.

The fund’s direct predecessor, Cerberus Institutional Real Estate Partners V, closed in March 2021 with $2.8 billion of commitments. CIREP V invests in direct assets; real estate companies; entities with significant real estate exposure; and real estate–related debt, including nonperforming loan portfolios.

In other news, SBA Florida invested a