Florida State Board allocates $1 billion to 8 managers

Florida State Board of Administration, Tallahassee, committed or invested a total of $1.07 billion with eight managers.

FSBA hired Thompson, Siegel & Walmsley to manage a $350 million global equity portfolio. The firm replaces Epoch Investment Partners, which ran a similar portfolio and was terminated in November, said John Kuczwanski, spokesman, in an email.

Epoch was terminated for performance. Epoch spokesman John Wachter could not be immediately reached to provide comment.

Also, the board, which oversees a total of $186.2 billion in assets, including the $146.1 billion Florida Retirement System, committed $200 million to Cerberus FSBA Levered Loan Opportunities Fund, managed by Cerberus Capital Management; $150 million to LCM Credit Opportunities Fund III, a distressed debt fund managed by LCM Partners; and $100 million to Deerfield Private Design Fund IV, a health-care-focused venture capital fund managed by Deerfield Management. All fall within the board’s strategic investments asset class.

In private equity, the board committed $75 million to Trident VII, a buyout fund managed by Stone Point Capital, and $68 million to Warburg Pincus China Private Equity Fund.

In real estate, the board committed $75 million to Starwood Global Opportunity Fund XI, managed by Starwood Capital Group, and $50 million to AEW Senior Housing Investors III, managed by AEW Capital Management.

As of Jan. 31, the allocations to real estate, strategic investments and private equity were 9%, 8.3% and 6.5%, respectively.

All of the commitments were made in the quarter ended Dec. 31.