Florida pension fund allocates capital to CBRE Japan co-investment fund

Fukuoka, Japan. Photo by Johanna on Unsplash.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.