Florida State Board of Administration, Tallahassee, announced new manager hires, investments and commitments totaling $1.36 billion during the second quarter, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $204.4 billion, including the $162.3 billion Florida Retirement System, hired Man Numeric to run $350 million in active international small-cap equities. The hire falls within the retirement system's global equity asset class. Funding comes from cash.
As of May 31, the actual allocation to global equity was 56.4%; the target is 53%.
Investment consultant Mercer assisted.
Separately, in private equity, the board committed $250 million to Lexington Capital Partners IX, a secondary fund managed by Lexington Partners; $200 million to TowerBrook Investors V, a buyout fund managed by TowerBrook Capital Partners; $100 million to buyout fund Cressey & Co. Fund VI and $10 million to co-investment fund Cressey & Co. Overage Fund VI; $75 million to SVB Strategic Investors Fund XI, a venture capital fund managed by SVB Asset Management; and $40 million to Atlas Capital Resources III, a turnaround private equity fund managed by Atlas Holdings.
As of May 31, the actual allocation to private equity was 7.1%; the target is 6%.
In strategic investments, the board made a direct hedge fund investment of $150 million in ITE Rail Fund, a pooled investment fund managed by ITE Management. The board also fully redeemed from a $100 million investment in an absolute-return hedge fund managed by York Capital Management, in which FSBA originally invested in 2012. Mr. Kuczwanski said the redemption was to fund new investments.
As of May 31, the actual allocation to strategic investments was 8%; the target is 12%.
Cambridge Associates, FSBA's alternative investments consultant, assisted with the private equity and strategic investments transactions.
Lastly, in real estate, the board committed $100 million to Landmark Real Estate Fund VIII, a value-added real estate fund managed by Landmark Partners, and €75 million ($88 million) to J.P. Morgan European Opportunistic Property Fund IV, an opportunistic real estate fund managed by J.P. Morgan Asset Management (JPM).
As of May 31, the actual allocation to real estate was 8.9%; the target is 10%.
Real estate consultant Townsend Group assisted.