Florida State Board of Administration, Tallahassee, lifted a three-year moratorium on new private equity investments, said Frank Fernandez, senior portfolio manager in alternative investments.
The $83.1 billion system is researching the best way to build a venture program, which may be through a fund of funds, Mr. Fernandez said.
Currently, the market value of Floridas private equity program is $3 billion, or around 3.6% of assets. The target is 4% of assets. The system may work with its current alternatives consultant, Hamilton Lane, but that hasnt yet been decided, because the system is reassessing all of its consulting relationships, said Barbara Jarriel, interim deputy executive director.