SBA Florida partners with Ares for real estate secondaries

Tallahassee-based pension fund backs real estate secondaries fund strategy Landmark with $110m.

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Institution: State Board of Administration of Florida
Headquarters: Tallahassee, United States
AUM: $225.38 billion

State Board of Administration of Florida has committed $110 million to Ares Management’s secondaries investment strategy, according to a recent manager report.

The pension fund has allocated $75 million to Landmark Real Estate Partners Sunshine Co-Investment Fund and $35 million to Landmark Real Estate Fund IX (including co-investments).

Managed by Ares Management, Landmark Real Estate Fund IX (including co-investments) held a final close of $3.3 billion in capital against a target size of $3.5 billion according to the source. The fund was launched in 2020.

SBA Florida’s recent commitments have predominantly focused on global private equity real estate secondaries funds.

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