Florida State Board of Administration, Tallahassee, will search for a manager or adviser to construct a $300 million venture fund portfolio, said Frank Fernandez, senior portfolio manager in alternative investments. The private equity program also will seek middle market buyout partnerships, he said. Further details have not been determined.
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. A three-year moratorium on new private equity investments has been lifted, he added.
Currently, the market value of Floridas private equity program is $3 billion, or around 3.6% of assets. The target is 4% of assets. Funding for new partnerships will come from rebalancing. 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.