Florida State Board of Administration, Tallahassee, announced new manager hires and fund commitments totaling $2.9 billion, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $195.4 billion including the $156.1 billion Florida Retirement System, hired BMO Global Asset Management to run $1 billion in active domestic large-cap growth equities. Funding comes from the termination in 2016 of Jackson Square Partners, which ran a similar portfolio. Assets have since been parked in a BlackRock (BLK) index fund. He did not provide a reason for the termination.
Also, the board committed $200 million each to Apollo Investment Fund IX, a global buyout fund managed by Apollo Global Management and Asia Alternatives FL Investor II, an Asian private equity fund of funds managed by Asia Alternatives Management. It also committed $150 million to KKR Asian Fund III, an Asian buyout/growth equity fund managed by KKR & Co.; $140 million to Silver Lake Partners V, a buyout fund; $100 million to TrueBridge Capital Partners Fund V, a venture capital fund of funds; $90 million to CVC Capital Partners VIII, a global buyout fund; $80 million to Peak Rock Capital Fund II and $20 million to Peak Rock Capital Credit Fund II, both distressed debt funds; $40 million to Carnelian Energy Capital II, a natural resources fund; and $25 million each to OpenView Venture Partners V, an expansion/late-stage venture capital fund, and SVB Capital Partners IV, a venture capital fund.. The commitments fall within the board's private equity asset class. As of May 31, the actual allocation to private equity was 6.3%; the target is 6%.
Also, the board committed $200 million to Levine Leichtman Capital Partners VI, a distressed debt/mezzanine fund; $150 million to Sciens Aviation Special Opportunities Investment Fund IV, a special situation fund managed by Apollo Aviation Group; $100 million each to Lake Jackson, a distressed senior loans fund managed by Barings, and Sprott Private Resource Lending, a commodities fund; and $75 million to Primary Wave Music Fund I, a diversifying strategies, royalties fund managed by Primary Wave Entertainment. These commitments fall within the board's strategic investments asset class. As of May 31, the actual allocation to strategic investments was 8.2%; the target is 12%.
Finally, the board committed $100 million each to Carlyle Property Investors, an open-end core real estate fund, and Carlyle Realty Partners VIII, a closed-end opportunistic real estate fund, both managed by Carlyle Group. Both commitments fall within the board's real estate asset class. The actual allocation to real estate as of May 31 was 8.8%; the target is 10%.