Florida State Board of Administration, Tallahassee, announced new manager hires, investments and commitments totaling $1.7 billion, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $206.9 billion, including the $162.4 billion Florida Retirement System, hired Wellington Management to run a $200 million active emerging markets small-cap equity portfolio. Funding comes from cash, Mr. Kuczwanski said.
As of Feb. 28, the actual allocation to global equities was 55.1%; the target is 53%. Investment consultant Mercer assisted.
In private equity, the board committed $75 million to middle-market buyout fund American Industrial Partners Capital Fund VII; $60 million to buyout fund Falfurrias Capital Partners IV; $50 million to buyout fund WindRose Health Investors V; £25 million ($32 million) to U.K.-based private equity fund Livingbridge Enterprise 3; and 268 million Swedish kronor ($28 million) to buyout fund Summa Equity II.
As of Feb. 28, the actual allocation to private equity was 7%; the target is 6%.
Within its strategic investments asset class, the board committed $225 million to Global Infrastructure Partners IV; invested $200 million in Garda Fixed Income Relative Value Opportunity Fund, a relative-value hedge fund managed by Garda Capital Partners; and committed $150 million each to Mill Road Capital III, a private equity fund that invests in U.S. and Canadian microcap companies; Primary Wave Music Fund II, a royalties fund managed by Primary Wave Entertainment; and Sprott Private Resource Lending II, a direct lending fund managed by Sprott Asset Management.
As of Feb. 28, the actual allocation to strategic investments was 8.4%; the target is 12%.
Alternative investments consultant Cambridge Associates assisted with the private equity and strategic investments transactions.
In real estate, the board committed $150 million to RREEF Core Plus Industrial Fund, an open-end real estate fund managed by DWS Group; €100 million ($111 million) to BlackRock Europe Property Fund V, a closed-end opportunistic real estate fund; $100 million to Blackstone Real Estate Partners IX, a closed-end non-core real estate fund managed by Blackstone Group; and $50 million to Prologis Targeted U.S. Logistics Fund, an open-end core real estate fund.
As of Feb. 28, the actual allocation to real estate was 9.3%; the target is 10%.
Real estate consultant Townsend Group assisted.