Florida State Board of Administration, Tallahassee, committed or invested $1.69 billion with 14 managers.
FSBA hired Mondrian Investment Partners to manage $110 million in U.S. small-cap core equities.
Funding came from Tamro Capital Partners, which ran $128 million in a small-cap core portfolio and was terminated in December after being placed on watch in 2014 for performance and organizational issues, John Kuczwanski, FSBA communications manager, said in an e-mail.
FSBA, which oversees $175 billion, managed the proceeds temporarily in an internal Russell 2000 index fund, which had $110 million before the addition.
Tamro closed the firm, Mr. Kuczwanski said. In a call to the firm, a message states Tamro is closed. The Securities and Exchange Commission shows the firm's investment adviser registration is inactive.
The hiring was the result of an invitation-only search by Mercer, FSBA's investment consultant.
In addition, FSBA committed $857.2 million in private equity to eight vehicles managed by seven managers: $200 million to Lexington Capital Partners FSBA Co-Investment Account, managed by Lexington Partners; $150 million to Thoma Bravo Fund XII and $50 million to Thoma Bravo Discover Fund; $150 million to Advent Global Private Equity VIII, managed by Advent International; $110 million with Berkshire Fund IX, managed by Berkshire Partners; $100 million to Denham Oil and Gas Fund, managed by Denham Capital Management; €50 million ($57.2 million) to Investindustrial Fund VI; and $40 million to Tiger Iron Special Opportunities Fund, managed by Tiger Iron Capital.
It allocated $400 million to three hedge fund managers: $150 million each to Capula Global Relative Value, a relative-value hedge fund managed by Capula Investment Management, and Graham Absolute Return Trading; a global macro hedge fund managed by Graham Capital Management; and $100 million to Dymon Asia Macro (U.S.) Fund, a global macro hedge fund managed by Dymon Asia Capital.
FSBA committed $175 million in real estate: $100 million to Blackstone Real Estate Partners Europe V, managed by Blackstone Group, and $75 million to TriGate Property Partners III, managed by TriGate Capital.
It committed $150 million to Global Infrastructure Partners III.
Cambridge Associates, FSBA's private equity and hedge fund consultant, assisted with all the searches in private equity and hedge funds. Townsend Group, FSBA's real estate consultant, assisted in the real estate searches.
