Florida State Board of Administration, Tallahassee, allocated almost $1 billion to alternative investments, including secondary funds and hedge funds, according to John Kuczwanski, FSBA communications manager.
The FSBA, which oversees $176.5 billion in assets, committed $200 million to Lexington Capital Partners VIII, managed by Lexington Partners, and $150 million to ASF VI, managed by Ardian, both secondary private equity funds of funds.
The FSBA invested $100 million each to Luxor Capital Partners, an absolute-return and event-driven hedge fund managed by Luxor Capital Group, and JHL Capital Group Fund, an opportunistic hedge fund.
It committed $150 million to Energy Partners III, managed by Energy Capital Partners, $75 million to Trident VI, managed by Stone Point Capital; and $25 million each to Post Oak Energy Partners II, managed by Post Oak Energy Capital, and Accel-KKR Structured Capital Partners II, all buyout funds.
The FSBA committed $75 million to Castlelake III, a distressed debt fund.
It committed $75 million to Tristan EPISO 3, a pooled real estate fund that invests in Europe and is managed by Tristan Capital Partners.
Cambridge Associates, FSBA's alternative investments consultant, assisted with all the searches, except for the Tristan commitment, which was assisted by Townsend Group, FSBA's real estate consultant.