State Board of Administration of Florida, Tallahassee, plans to hire its first international private equity manager and its first fund of funds manager for a new alternative investments program in the next six to nine months, said Bill James, the new chief investment officer for alternative investments. The $102 billion system has not yet determined the size of the mandates or how many managers it might hire, said Mr. James. It is doing some due diligence before proceeding further. The system currently has 3.2% of assets committed to private equity, with 2.4% to 2.5% invested. Funding will probably come from cash, he said.