The $96 billion Florida State Board of Administration hired Pacific Corporate Group and Paul Capital Partners as two of six new distressed debt and venture capital managers — both new subasset classes.
PCG will manage $150 million in distressed debt; a second manager in negotiations will manage the other $150 million. Paul will manage $125 million of the $350 million in venture capital; the other new venture capital managers are still in negotiations.
William James, senior investment officer and head of the pension fund's alternative investment program, said funding will come from cash or other sources.
Callan Associates assisted.