The State Board of Administration (SBA) of Florida has announced that the Florida Retirement System (FRS) has committed $100 million to Principal Digital Real Estate Fund, a data center fund managed by Principal Global Investors.
Principal Digital Real Estate Fund follows a core investment strategy and is targeting a fundraise of $500 million.
SBA Florida said Principal is not a new manager for the administration.
The fund has garnered the support of other U.S. pension investors, including the Employees Retirement System (ERS) of Texas and the Tennessee Consolidated Retirement System.