Florida State Board of Administration, Tallahassee, disclosed a total of $1.47 billion in private equity and real estate commitments completed during the third quarter in a new managers report posted on its website.
The board oversees a total of $237.5 billion, including the $185.7 billion Florida Retirement System.
Within private equity, the board committed €200 million ($215 million) to buyout fund CVC Capital Partners IX; $200 million to FSBA AAM Strategic Fund II, a secondary private equity fund managed by Aegon USA Investment Management; $200 million and $75 million, respectively, to KPS Special Situations Fund VI and KPS Special Situations Mid-Cap II, both special situations funds managed by KPS Capital Partners; $150 million to Searchlight Capital IV, a buyout fund managed by Searchlight Capital Partners; $100 million to middle-market buyout fund American Industrial Partners Capital Fund; and $50 million to buyout fund Brynwood Partners IX.
As of Aug. 31, the actual allocation to private equity was 9.5%; the target is 10%.
Within real estate, the board invested $333 million in Montecito 300 Ventures III, a healthcare real estate portfolio in a joint venture between the board and manager Heitman.
The board also made an additional investment of $105 million in KCS Icebox Venture, a cold storage property joint venture between the board and manager L&B Realty Advisors. The board originally invested $226 million in KCS Icebox Venture in 2022 and made an additional investment of $93 million in the second quarter.
Also during the third quarter, the board made a follow-on commitment of $45 million to real estate co-investment fund Heitman Co-Invest Red Arrow. The board originally committed $90 million to the fund in 2019.
As of Aug. 31, the actual allocation to real estate was 11.6%; the target is 12%.