Florida State Board of Administration, Tallahassee, committed or invested a total $796 million to nine managers, including $200 million to the Varde Fund XII (C), a distressed debt fund managed by Varde Management, John Kuczwanski, FSBA communications manager, said in an e-mail.
In other debt, the FSBA — which oversees $180.5 billion, including the $144.1 billion Florida Retirement System defined benefit plan — committed $150 million to Audax Mezzanine Fund IV-A LP, a mezzanine debt fund managed by Audax Group.
In other actions, FSBA invested $150 million in AQR Style Premia Fund, a hedge fund managed by AQR Capital Management. Funding came from cash.
In venture capital, it committed $125 million to SVB Strategic Investors Fund VIII, a venture capital fund managed by SVB Asset Management and made a follow-on commitment of $20 million to Tiger Iron Special Opportunities Fund, managed by Tiger Iron Capital.
In other private equity funds, FSBA committed $60 million to Post Oak Energy Partners III, managed by Post Oak Energy Capital; $50 million to Asia Alternatives Florida Investor, a small leverage buyout strategy in which FSBA is the sole limited partner and which is managed by Asia Alternatives Management; and €15 million ($16 million) to Inflexion Enterprise Fund IV, managed by Inflexion Private Equity Partners.
Cambridge Associates, FSBA's private equity and hedge fund consultant, assisted with the eight searches.
In real estate, FSBA committed $25 million to BlackRock Europe Property Fund IV, managed by BlackRock. Townsend Group, FSBA's real estate consultant, assisted with the search.
