Florida State Board of Administration, Tallahassee, sold its stakes in eight limited partnerships in which it invested a combined €314.8 million ($401.5 million) in European private equity, John Kuczwanski, FSBA communications manager, said in an e-mailed response to questions.
FSBA sold the stakes to Partners Group, a global private markets manager.
The partnerships are:
- Carlyle Partners III, to which it committed €49 million and invested €42.6 million;
- BC European Capital VI, €70 million and €34.4 million;
- Charterhouse Capital Partners IX, €70 million and €43.1 million;
- 3i EuroFund V, €59 million and €51.2 million;
- 3i Growth Capital Fund, €40 million and €21.4 million;
- PAI Europe V, €55 million and €53.2 million;
- KKR European Fund III, €40 million and €33.5 million; and
- Riverside Europe Fund IV, €40 million and €35.4 million.
“Our decision to sell was based on a combination of factors, including strong pricing and a desire to rebalance and refocus our European private equity portfolio,” Mr. Kuczwanski said. “Specifically, we are reducing our exposure to large pan-European (general partners) and increasing our focus on smaller, regional or country specific funds in Europe.”
FSBA officials cannot comment on the net sale amount at this time, subject to a review of the sale agreement, Dennis D. MacKee, FSBA director of communications, said in an e-mailed response to questions.
In terms of selling its limited partnership interests, FSBA has “not (done so) as a matter of routine, but we have been know to sell PE stakes in the past,” Mr. MacKee said.
FSBA, which oversees $171.8 billion in assets, plans to reallocate the proceeds “consistent with our asset allocation targets,” Mr. MacKee said.
No investment consultants were involved in the transactions.