Florida commits close to $1 bln to alternatives

The Florida State Board of Administration committed $975 million to alternative investments in the first quarter, including $625 million to private equity, according to a summary provided by the retirement system.

Florida SBA, which manages the investments of the $143.8 billion Florida Retirement System, committed $150 million each to Energy Capital Partners III and Ardian’s (formerly AXA PE) ASF VI, sister website peHUB reported. Energy Capital Partners said earlier this month it closed Fund III on just over $5 billion, beating its $3.5 billion target. Ardian has been targeting $7 billion for its sixth secondaries fund.

The system also committed $200 million to Lexington Capital Partners VIII, which has been targeting $8 billion; $75 million to Trident VI, targeting $4.5 billion; and $25 million each to Accel-KKR Structured CAP II and Post Oak Energy Partners. Accel-KKR’s fund closed in March on $325 million and Post Oak’s second vehicle closed on $600 million in February.

Outside of private equity, the system committed $75 million to real estate firm Tristan Capital Partners’ EPISO 3, reportedly targeting 750 million euros ($1 billion), according to an article from PropertyEU posted on Tristan’s web site. The system also pledged $100 million each to hedge funds Luxor Capital Partners and JHL Capital Group Fund and $75 million to debt shop Castlelake’s third fund, which closed on $1.4 billion in March. Castlelake, founded in 2005 as TPG Credit Management LP, changed its name in August.

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