Florida SBA invests in GIP III

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Florida SBA invests in GIP III

The Florida State Board of Administration (Florida SBA) has committed US$325 million to infrastructure fund Global Infrastructure Partners III (GIP III).

Additionally, it has committed U$100 million to Blackstone Real Estate Partners Europe V and US$75 million to TriGate Property Partners III.

GIP III has broken its own record for the largest infrastructure fund ever raised with a total of US$10.8 billion in commitments, according to sources.

In mid April we reported that Missouri Local Government Employees Retirement System committed US$100 million to GIP III. Previously, In February, we published that GIP reached first close for its GIP III with a total of US$7.717 billion in commitments. At that time Maine Public Employees Retirement System (MainePERS) committed US$150 million to the fund.

Other investors in the fund are: Virginia Retirement System Richmond ($200 million), Oregon Investment Council announced ($400 million) and Washington State Investment Board (with plans of US$1 billion in the fund).

GIP focuses on larger scale investments in assets that provide essential services, have high barriers to entry, and offer significant governance positions. GIP targets opportunities in OECD countries and high quality assets with the potential for attractive risk-adjusted returns in selected non-OECD countries.

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