Florida State Board of Administration, Tallahassee, hired J.P. Morgan Asset Management to manage a private equity portfolio focused on high-technology businesses in Florida, SBA spokesman John Kuczwanski confirmed.
The board oversees a total of $194.1 billion, including the $155.7 billion Florida Retirement System. The hiring is the result of a bidding process because previous manager Hamilton Lane, which had overseen $750 million in commitments for what it called the Florida Growth Fund, had completed all those commitments. Hamilton Lane was part of that process, Mr. Kuczwanski said.
Hamilton Lane has been the manager since the inception in 2008 of state legislation approving allocating up to 1.5% of the Florida Retirement System's assets in in-state investments to bolster Florida's economy.
Mr. Kuczwanski said the program's name might be changed when management moves to J.P. Morgan.