Florida commits $872.5 mln to alternatives in Q2

floridagreen

The Florida State Board of Administration committed $872.5 million to alternative investments in the second quarter, including about $622.5 million to private equity, according to an investment summary provided by the pension system.

The board, which manages the investments of the $148 billion Florida Retirement System, approved commitments of $100 million each to Freeman Spogli’s seventh fund, targeting $1.25 billion, according to a filing with the U.S. Securities and Exchange Commission; Energy & Minerals Group Fund III, which is expected to hit its $3.5 billion hard cap, peHUB sister publication Buyouts reported; Europa Fund IV, targeting up to $1 billion for European real estate opportunities and real estate-focused Starwood Opportunity Fund X, which is targeting $4 billion, according to an SEC filing.

Florida SBA also approved commitments of $150 million each to Asia Alternatives and Thoma Bravo Fund XI. Thoma Bravo closed its eleventh fund on its $3.65 billion hard cap in May. Asia Alternatives is managing a $200 million fund called Asia Alternatives Florida Investor that filed a Form D with the SEC in April. The fund’s focus was not clear as of deadline.

The system also committed $22.5 million to SVB Capital Partners III and $50 million each to Encap Flatrock Midstream III, RCP Advisors IX and Carlyle Realty Partners VII, which has raised at least $1.5 billion, according to documents filed with the SEC on July 10. RCP Advisors IX has been targeting $250 million with a $400 million cap, according to an SEC filing. EnCap Flatrock Midstream III closed on $3 billion in May.

Florida has stayed extremely busy in alternatives this year. The system committed $1 billion in the first quarter, including $625 million to private equity, with the balance dedicated to various hedge funds, private debt and real estate funds. Florida’s private equity portfolio is valued at around $8 billion, according to John Kuczwanski, a spokesman for the system.

Earlier this year, Florida SBA hired Wesley Bradle from the California Public Employees’ Retirement System as a senior portfolio manager on the private equity team.

Photo courtesy of Shutterstock.

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget