Florida State Board earmarks $486 million for 5 funds

Florida State Board of Administration, Tallahassee, announced five new commitments totaling $486 million, said John Kuczwanski, communications manager, in an email.

The board, which oversees a total of $189.4 billion in assets including the $151 billion Florida Retirement System, committed $150 million to Castlelake Aviation III Stable Yield, a distressed debt fund; $100 million to MCP Private Capital Fund III, a mezzanine debt fund managed by Metric Capital Partners; and $60 million to ABRY Senior Equity V, a mezzanine debt fund managed by ABRY Partners. The commitments fall within the strategic investments asset class.

The board also committed $100 million to EnCap Energy Capital Fund XI, an oil and gas fund managed by EnCap Investments, and $76 million to RUBICON Technology Partners II, a buyout fund. Both commitments fall within the private equity asset class.

As of Feb. 28, the allocations to strategic investments and private equity were 8.3% and 6.4%, respectively.

Cambridge Associates, FSBA's alternative investments consultant, assisted.