Florida State Board of Administration, Tallahassee, formed Co-Investment Partners, a captive private equity co-investment partnership through which the $72 billion pension fund will co-invest with private equity general partners, said William Bell, chief of management policy for the fund.
The new partnership will be managed by CIP Partners.
Florida's captive co-investment program has an initial commitment of $250 million that could grow to more than $1 billion. CIP Partners has full discretion to commit to deals ranging in size from $20 million to $75 million, said Irwin Loud, manager, private equity investments. The general partner also must co-invest in each deal, Mr. Loud said.
Sisters of Mercy Regional Community of Detroit Inc., Farmington Hills, Mich., is considering REITs as a new investment for its $700 million defined benefit plan, said Kamar Amanullah, administrator.
The plan now has a 5% allocation to real estate, which is in commingled portfolios. Trustees will decide whether to conduct a manager search in May.
Evaluation Associates is assisting.
Knoxville (Tenn.) Employees Pension Fund terminated Chancellor LGT as large-cap growth equity manager because of recent personnel turnover at the firm, said Mike Cherry, executive director. The $94 million portfolio Chancellor managed will be run by Barclays Global in an S&P 500 index fund until another active manager is hired.
A manager search is not expected to begin until March, after the $650 million fund's new asset allocation is approved by the board. Mercer assisted the fund.
A Chancellor spokeswoman said the firm was sorry to lose the client, but declined to discuss the details of the termination.