Florida State Board of Administration, Tallahassee, disclosed $2.6 billion in manager hires, commitments and investments in the first quarter, said John Kuczwanski, communications manager, in an email.
Within its global equity asset class, the board, which oversees a total of $245.8 billion, including the $193.2 billion Florida Retirement System, hired Wellington Management to run $420 million in active domestic large-cap core equities, and hired Clarivest Asset Management, Global Alpha Capital Management and Wells Capital Management to run $400 million each in active international small-cap equities.
Also during the first quarter, the board terminated QMA from an $834 million active domestic large-cap value equity portfolio, and also terminated AQR Capital Management and Dimensional Fund Advisors from active international small-cap equity portfolios with assets of $375 million and $367 million, respectively.
Mr. Kuczwanski said the changes were part of an ongoing restructuring of the global equity asset class, with any additional funding coming from asset class liquidity.
As of Jan. 31, the actual allocation to global equity was 55.4%; the target is 53%.
Within its strategic investments asset class, the board committed $200 million to BlackRock U.S. CRE Debt Fund, a real estate debt fund; $150 million each to Grain Communications Opportunity Fund III, a communications infrastructure fund managed by Grain Management, and LLCP Lower Middle Market Fund III, a lower middle-market buyout fund managed by Levine Leichtman Capital Partners; and invested $100 million in Highbridge SPAC Opportunity Fund, a hedge fund that invests in special purpose acquisition companies managed by Highbridge Capital Management.
As of Jan. 31, the actual allocation to strategic investments was 9.1%; the target is 12%.
Within private equity, the board committed $125 million to Peak Rock Capital Fund III, a middle-market private equity fund, and $75 million to Atlas Capital Resources IV, a turnaround private equity fund managed by Atlas Holdings.
As of Jan. 31, the actual allocation to private equity was 7.5%; the target is 6%.
Finally, in real estate, the board committed $100 million each to CBRE AVP V Japan Co., a real estate co-investment fund managed by CBRE Global Investors that invests alongside CBRE Asia Value Partners V, and Principal Digital Real Estate Fund, a real estate fund that invests in data center properties managed by Principal Real Estate Investors.
As of Jan. 31, the actual allocation to real estate was 8.9%; the target is 10%.