Florida State Board of Administration, Tallahassee, committed a total of $2.88 billion to 19 managers, including its first specific allocation to the China A-shares domestic equity market, investing $100 million with the William Blair & Co. China A-shares commingled fund, John Kuczwanski, FSBA communications manager, said in an e-mail statement.
The FSBA, which oversees $171.8 billion in total assets, committed a total of $1.38 billion to private equity. It committed $500 million to Inflexion Buyout Fund IV and $300 million to Inflexion Partnership Capital Fund I, both managed by Inflexion Private Equity Partners; $200 million to Hellman & Friedman Capital Partners VIII; $125 million to SVB Strategic Investors Fund VII, managed by SVB Asset Management; $100 million to Charlesbank Equity Fund VIII, managed by Charlesbank Capital Partners; $75 million to ABRY Partners VIII; $50 million to Rubicon Technology Partners; and $30 million to OpenView Venture Partners IV.
In real estate, it committed a total of $163 million: $100 million to Prologis Targeted U.S. Logistics Fund; and €50 million ($63.3 million) to J.P. Morgan European IP Fund III, managed by J.P. Morgan Asset Management.
In distressed debt, it committed a total of $575 million: $200 million to CVI Credit Value Fund III, managed by CarVal Investors; $150 million to Bayview Opportunity Fund IV B, managed by Bayview Asset Management; $125 million to Centerbridge Capital Partners III, managed by Centerbridge Partners; and $100 million to Marathon European Credit Opportunity II, managed by Marathon Asset Management.
FSBA also committed $300 million to Caerus DT Fund, a global macro hedge fund of funds, and $50 million to Gruss Global Investor Enhanced II, an event-driven hedge fund managed by Gruss Capital Management.
Also, FSBA committed $125 million to a Benefit Street Partners real estate mezzanine debt fund; $125 million to Acuitas Investments for a U.S. microcap fund of funds; and $65 million to HealthCare Royalty Partners III.
FSBA's investments consultants assisted in the searches: Cambridge Associates assisted in all the commitments, except for J.P. Morgan, Prologis and Bayview — which were assisted by Townsend Group — and the William Blair and Acuitas commitments, which were assisted by Mercer.