Florida State Board of Administration, Tallahassee, hired three managers to run $2.1 billion and made new private equity, real estate and strategic investment commitments totaling $1.478 billion, said John Kuczwanski, FSBA communications manager, in an e-mail.
The board, which oversees $185.3 billion including the $151.6 billion Florida Retirement System, hired M&G Investment Management and Somerset Capital Management to run $800 million each in active emerging markets equities and Record Currency Management to run $500 million in currency management.
The three managers' portfolios are within the board's global equity allocation. Mr. Kuczwanski said funding came from “general liquidity” and no managers were terminated.
Separately, within the board's strategic investments allocation, the board committed $200 million each to AQR Managed Futures Fund II, managed by AQR Capital Management, and TSSP Adjacent Opportunities Partners, a high-yield special situations fund managed by TPG; and $100 million each to Canyon Value Realization Fund, a credit-oriented hedge fund managed by Canyon Capital Advisors, and Vine Media Opportunities Fund III, a private equity fund that invests in film and television intellectual property, managed by Vine Alternative Investments Group.
Within private equity, the board committed $125 million to SVB Strategic Capital Overage Fund, managed by SVB Asset Management; $100 million each to Encap Energy Capital Fund X, managed by EnCap Investments, and TPG Growth III, which invests in small- and middle-market growth equity and buyout investment opportunities; $75 million each to technology-focused buyout fund Francisco Partners IV, technology-focused venture capital fund Insight Venture Partners IX, and Siris Partners III, a buyout fund managed by Siris Capital Group; $70 million to European middle-market private equity fund Equistone Partners Europe Fund V; and $54.5 million to Fairview Special Opportunities Fund II, a private equity fund of funds managed by Fairview Capital.
In real estate, the board committed $100 million to Rockpoint Real Estate Fund V, managed by Rockpoint Group; €50 million ($54 million) to CapMan Nordic Real Estate Fund, managed by CapMan Group; and $50 million to CIM Fund VIII, a real estate fund managed by CIM Group.