Florida State Board of Administration, Tallahassee, disclosed about $1.1 billion in manager hires, investments and commitments during the third quarter, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $205.8 billion, including the $165.4 billion Florida Retirement System, hired BlackRock to run $100 million in a China A-shares strategy. Funding comes from asset class liquidity.
As of Aug. 31, the actual allocation to global equities was 54%; the target is 53%.
In private equity, the board committed $100 million to venture capital fund TrueBridge Capital Partners Fund VI; €70 million ($78 million) each to buyout fund Investindustrial Fund VII and Montagu VI, a buyout fund managed by Montagu Private Equity; $75 million to Carnelian Energy Capital III, a buyout fund focused on the oil and gas industry; $50 million to middle-market buyout fund Hahn & Co. III; and $45 million to middle-market buyout fund Accel-KKR Capital Partners VI.
As of Aug. 31, the actual allocation to private equity was 7.5%; the target is 6%.
Within its strategic investments asset class, the board committed $200 million to Chambers Energy Capital IV, an energy fund managed by Chambers Energy Management; invested $150 million in long/short equity fund Yiheng Capital Partners; and committed $125 million to Florida Growth Fund II Tranche II, a customized private equity fund that invests in high-technology companies based in Florida and managed by Hamilton Lane.
As of Aug. 31, the actual allocation to strategic investments was 8.4%; the target is 12%.
In real estate, the board committed $75 million to Invesco Strategic Opportunities III, a closed-end non-core real estate fund.
As of Aug. 31, the actual allocation to real estate was 9.5%; the target is 10%.