Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. SEARCHES AND HIRES
January 31, 2020 03:33 PM

Florida State Board of Administration allocates $4.7 billion

Rob Kozlowski
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    Florida State Board of Administration, Tallahassee, disclosed $4.7 billion in manager hires, commitments and investments during the fourth quarter, said John Kuczwanski, communications manager, in an email.

    The board, which oversees a total of $216.9 billion, including the $170.4 billion Florida Retirement System, hired Investec Asset Management and Robeco Institutional Asset Management to run $900 million and $800 million, respectively, in active emerging markets equities. Funding comes from the termination of emerging markets equities portfolios managed by Aberdeen Standard Investments, BlackRock and Dimensional Fund Advisors.

    Mr. Kuczwanski said the changes were the result of a re-evaluation of its emerging markets fund structure and that the board "determined to go in a different direction within the sector." He added that performance was not a factor.

    As of Nov. 30, the actual allocation to global equities was 55.2%; the target is 53%.

    Within fixed income, the board hired Lord Abbett & Co. to run $500 million in a short-duration credit strategy. Funding came from the reduction of a fixed-income portfolio managed by Amundi Pioneer Asset Management, which had $3.1 billion in assets as of June 30.

    As of Nov. 30, the actual allocation to fixed income was 18.6%; the target was 18%.

    General investment consultant Mercer assisted with the equity and fixed-income hires.

    Within private equity, the board committed $600 million to Lexington Co-Investment Partners V, a buyout co-investment fund managed by Lexington Partners; $300 million to Asia Alternatives FL Investor III, a small leveraged buyout strategy in which FSBA is the sole limited partner and which is managed by Asia Alternatives Management; $200 million to KPS Special Situations Fund V, a special situations fund that targets investments in underperforming, distressed or bankrupt lower- and middle-market companies, and $50 million to KPS Special Situations Mid-Cap Fund, both managed by KPS Capital Partners.

    Also within private equity, the board committed $50 million to The Rise Fund II, a private equity fund with an impact investing focus managed by TPG; €35 million ($39 million) to distressed debt fund OpCapita Consumer Opportunities Fund III; and $30 million to venture capital fund OpenView Venture Partners VI.

    As of Nov. 30, the actual allocation to private equity was 7.3%; the target is 6%.

    Within the board's strategic investments asset class, the board committed $200 million to J.P. Morgan Global Transport Income Fund, an infrastructure fund managed by J.P. Morgan Asset Management; and $180 million to MCP Private Capital Fund IV, a direct lending fund that will seek investment in midsize companies in multiple industries across Europe, managed by Metric Capital Partners.

    Also within strategic investments, the board committed $150 million each to Miravast ILS Credit Opportunities, managed by Miravast Asset Management; SASOF V, a special situations fund managed by Carlyle Aviation Partners; Silver Lake Waterman Fund III, a technology-growth fund; and WestRiver Innovation Lending Fund VIII, a direct lending fund managed by West River Group.

    The board also made a direct hedge fund investment of $150 million in Monashee Pure Alpha SPV I, managed by Monashee Investment Management.

    As of Nov. 30, the actual allocation to strategic investments was 8.4%; the target is 12%.

    Alternatives consultant Cambridge Associates assisted with the private equity and strategic investments commitments.

    Finally, in real estate, the board committed $75 million to CBRE Asia Value Partners V, a non-core real estate fund managed by CBRE Global Investors.

    As of Nov. 30, the actual allocation to real estate was 9.4%; the target is 10%.

    Real estate consultant Townsend Group assisted.

    Related Articles
    Florida State Board of Administration allocates $1.1 billion
    Florida State Board allocates nearly $1.9 billion
    Florida State Board targets companies with overburdened board directors
    Recommended for You
    ONLINE_190529857_AR_0_WWPEWVXMXAAN.jpg
    Alternative assets generally saw a banner year in 2022 – Preqin
    Mike_Braun_i.jpg
    DOL's ESG rule under attack by Republican lawmakers
    morgan_stanley_nyse_logo_1550-main_i.jpg
    Morgan Stanley Investment Management launches ETF platform with 6 Calvert funds
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Fulcrum Issues: Equity Returns and Inflation — Choose Your Own Adventure
    What Matters Most in Considering a Private Debt Strategy
    Why pursue direct lending in the core middle market?
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing