Florida State Board of Administration, Tallahassee, disclosed just over $1.7 billion in manager hires, investments and alternative fund commitments completed during the first quarter in a new manager report released Monday.
The board oversees a total of $239.6 billion, including the $183.9 billion Florida Retirement System.
Within fixed income, the board hired Loomis Sayles & Co. and Manulife Investment Management to manage $300 million and $150 million, respectively, in active domestic core-plus fixed-income portfolios. Funding comes from cash, said Kent Perez, deputy executive director, in an email.
As of Jan. 31, the actual allocation to fixed income was 16.4%; the target is 18%.
Within its strategic investments asset class, the board committed $200 million each to Sprott Private Resource Lending III, a direct lending fund managed by Sprott Asset Management, and H.I.G. Whitehorse FSBA, a direct lending fund managed by H.I.G. Capital; and $150 million each to green energy credit fund Blackstone Green Private Credit Fund III and Cerberus Institutional Real Estate Partners VI, a global opportunistic real estate fund managed by Cerberus Capital Management.
As of Jan. 31, the actual allocation to strategic investments was 11.1%; the target is 12%.
Within private equity, the board committed €132 million ($145 million) Waterland Private Equity Fund IX, a buyout fund managed by Waterland Private Equity Investments; $100 million each to TowerBrook Investors VI, a buyout fund managed by TowerBrook Capital Partners, and TrueBridge Capital FSA III, a venture capital fund managed by TrueBridge Capital Partners; $75 million to buyout fund Accel-KKR Capital Partners VII; $50 million to Juniper Capital IV, a buyout fund managed by Juniper Capital Advisors; and $20 million to venture capital fund SVB Capital Partners VI. Regarding the SVB commitment, according to its website, the SVB Capital funds and their general partner entities are not included in SVB Financial Group's Chapter 11 bankruptcy proceeding.
As of Jan. 31, the actual allocation to private equity was 9.4%; the target is 6%.
Finally, in real estate, the board made a direct investment of $94 million in Rock Hill Commerce Center, an industrial real estate property, advised by MetLife Investment Management.
As of Jan. 31, the actual allocation to real estate was 11.5%; the target is 10%.
