Florida State Board of Administration, Tallahassee, hired Hancock Timber Resource Group and Molpus Woodlands Group to run a combined $400 million in timberland investments, the first such investment for the board, said John Kuczwanski, communications manager for the FSBA, which oversees $152.2 billion.
Hancock will run $300 million and Molpus, $100 million, both in separate accounts.
The new timber allocation is part of the board’s 11% allocation to strategic investments, which includes hedge funds and debt-oriented funds.
The hirings are pending contract negotiations, Mr. Kuczwanski said.
Townsend Group, an investment consultant to the board, assisted in the search.