Florida State Board of Administration (SBA) has expanded its real estate manager lineup with the hiring of Torchlight Investors.
The pension made a $250m (鈧�213.4m) commitment to the Torchlight Debt Fund VII fund and told 91传媒在线 that it has 鈥渂een conducting due diligence on Torchlight for years and believe they are one of the best real estate credit firms out there鈥�.
鈥淭he recession has provided interesting investment opportunities that did not exist prior to the start of the recession,鈥� Florida SBA said.
Fund VII is planning a $1.5bn fundraise with a $2bn hard-cap to target traditional property types as well as hotels and student housing in the US. Torchlight鈥檚 predecessor fund raised $1.7bn in July last year. Torchlight expects the fund to achieve 10% to 12% net internal rate of return.
Florida SBA said it has also made a 鈧�75m commitment to CapMan Real Estate鈥檚 third Nordic value-add fund as 鈥渢he manager has shown good performance in previous funds that we have invested in鈥�
According to the fund鈥檚 manager, the CapMan Nordic Fund III fund raised 鈧�313m at its initial close in September and remains on track to achieve its 鈧�500m target before the year-end.
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