Florida SBA commits $1.7 billion to alternatives managers
By Rob Kozlowski | January 7, 2013 4:08 pm
(updated with correction)
Florida State Board of Administration, Tallahassee, made a total of $1.7 billion in commitments in the fourth quarter, according to John Kuczwanski, communications manager.
The $157 billion board committed $300 million to IFM Global Infrastructure, assisted by infrastructure consultant Mercer; and $200 million each to distressed debt funds CarVal Investors’ CVI Credit Value Fund II, assisted by private equity consultant Hamilton Lane and GSO Capital Partners’ Capital Solutions Fund II, assisted by private equity consultant Cambridge Associates.
Also, the board committed $200 million to long/short equity hedge fund Scout Capital Partners II; $100 million to commodities fund RK Mine Finance Fund II; and $60 million to mezzanine fund ABRY Partners’ Senior Equity IV, all assisted by Cambridge.
The board also made five private equity commitments: $100 million each to EnCap Investments’ Energy Capital Fund IX, EnerVest Energy IST FD XIII-A, Lexington Middle Market Investors III, and Silver Lake Partners IV; and €80 million ($106 million) to Advent International GPE VII. Hamilton Lane assisted on all private equity commitments, except for the EnerVest commitment, which was assisted by Cambridge.
The board also committed $100 million to real estate fund Starwood Capital Group’s Starwood Opportunity Fund IX, assisted by real estate consultant Townsend Group.
The board also hired AQR Capital Management to run $50 million in active emerging markets small-cap equities based on the recommendation of staff and Mercer. Mr. Kuczwanski wrote in an e-mail that the hire was made for diversification. He had no further information by press time.