Florida State Board of Administration, Tallahassee, announced new fund commitments totaling $1.075 billion, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $195.6 billion including the $158.9 billion Florida Retirement System, committed $200 million to GSO Capital Solutions Fund III, a distressed debt fund managed by GSO Capital Partners, and $150 million each to Benefit Street Partners Debt Fund IV, a direct lending fund; CVI Credit Value Fund IV, a distressed debt fund managed by CarVal Investors; and GOF Feeder B, a distressed debt fund managed by Glendon Capital Management. The commitments fall within the board's strategic investments asset class. As of Aug. 31, the actual allocation to strategic investments was 8.1%; the target is 12%.
Also, the board committed $100 million and $25 million, respectively, to TPG Growth IV, a growth equity fund, and TPG's The Rise Fund, a social impact venture capital fund, and also committed $100 million to Waterland Private Equity Fund VII, a buyout fund managed by Waterland Private Equity Investments, and $75 million to Francisco Partners V, a buyout fund. The commitments fall within the board's private equity asset class. As of Aug. 31, the actual allocation to private equity was 6.5%; the target is 6%.
The board also committed $75 million to value-added real estate fund Heitman Value Partners IV and $50 million to CapMan Nordic Real Estate II, a value-added real estate fund managed by CapMan Real Estate. The board's actual allocation to real estate was 8.8% as of Aug. 31. The target is 10%.
