The State Board of Administration (SBA) of Florida committed $100 million to CBRE AVP V Japan Co, a co-investment vehicle that targets logistics development projects in Japan.
The commitment was made in the first quarter of this year.
CBRE Global Investors announced in March that it had raised $265 million for the co-investment fund, which is part of the CBRE Asia Value Partners V (AVP V) fund.
“As the [AVP V] fund approaches full deployment, the co-investment will enable a select group of limited partners to capitalise on some … opportunities that have been sourced on an off-market basis,” CBRE said in its March announcement.
By then, four logistics projects located in Greater Tokyo and Fukuoka had been approved for investment by the co-investment vehicle.
SBA had earlier committed a total of $100 million to AVP V last year in two tranches. AVP V was closed at $900 million last year. Most of the capital has since been committed to primarily logistics assets and development projects in Japan, China and South Korea.
CBRE Global Investors’s value-added real estate strategy has invested more than $800 million through its first four funds.
In the Asia Pacific, the firm had $11.9 billion in assets under management across core, value-add and opportunistic private real estate, listed real assets and infrastructure, it said in March 2020 when announcing the close of AVP V.
In total, CBRE Global Investors had $122.7 billion in assets under management as of December 31, 2020.
In February this year, SBA also committed 4 billion Japanese yen ($38 million) to NIC Fund II, a private equity fund managed by Tokyo-based Nippon Investment Company.
The US pension fund’s other investments in Asia-focused managers include $300 million in Hong Kong-based Asia Alternative Capital Partners’ Asia Alternatives Florida Investor III, which was made last year.
The $209-billion pension fund, which also oversees the $170.4-billion Florida Retirement System, started investing in private equity in 2009 when it launched the Florida Growth Fund.
During Q1 2021, in addition to CBRE AVP V Japan Co, SBA approved over $2.4 billion in other commitments to funds including Peak Rock Capital Fund III, Highbridge SPAC Opportunity Fund and Blackrock US CRE Debt Fund – C7, among others.