Florida State Board of Administration, Tallahassee, announced new commitments or investments totaling $925 million during the third quarter, spokesman John Kuczwanski said in an email.
The board, which oversees a total of $194.1 billion, including the $155.7 billion Florida Retirement System, made the following commitments in private equity: $250 million to Hellman & Friedman Capital Partners IX, a large-cap buyout fund expected to invest primarily in companies in North America and Europe; $200 million to Ardian ASF VIII, a secondaries fund that invests in high-quality private equity and growth equity assets in North America and Europe; and $150 million to Thoma Bravo Fund XIII, a mega buyout fund focusing on software and technology-enabled service companies.
As of May 31, the actual allocation to private equity was 7.1%; the target is 6%.
In strategic investments, the board committed $150 million to GSO Energy Select Opportunities Fund II, a commodities fund managed by GSO Capital Partners; $100 million to Gallatin Point CAP, a subordinated capital fund managed by Gallatin Point Capital; and invested $75 million in ICE EM Credit ABS RE, a hedge fund that specializes in emerging market debt managed by ICE Canyon.
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 transactions.