Florida State Board of Administration, Tallahassee, disclosed $3.8 billion in manager hires, commitments and investments in the third quarter, said John Kuczwanski, communications manager, in an email.
Within its global equity asset class, the board, which oversees a total of $207.8 billion including the $167.4 billion Florida Retirement System, hired Thompson, Siegel and Walmsley to manage about $1 billion in active international developed markets large-cap equities, and Eastspring Investments to manage $400 million in active emerging markets equities.
Mr. Kuczwanski said the TSW portfolio was funded mostly by the termination of Franklin Templeton from its $990 million active international developed markets large-cap equity portfolio. Mr. Kuczwanski said the change was made to find better diversification within the global equity portfolio.
As of July 31, the actual allocation to global equity was 55%; the target is 53%.
Within its strategic investments asset class, the board committed $250 million to Torchlight Debt Opportunity Fund VII, a real estate debt fund managed by Torchlight Investors; and also committed $200 million each to Apollo Accord Fund IV, a private debt fund managed by Apollo Global Management; Audax Mezzanine Fund V-A, a mezzanine debt fund managed by Audax Group; Highbridge Convertible Dislocation Fund and Highbridge Tactical Credit Fund, both managed by Highbridge Capital Management; MSD Private Credit Opportunity Fund, a private credit fund managed by MSD Capital; and OHA Tactical Investment Fund, a distressed debt fund managed by Oak Hill Advisors.
The board also committed $150 million to Orion Energy Credit Opportunities Fund III, a direct lending fund managed by Orion Energy Partners that focuses on lending to North American middle-market energy companies; and $100 million to Grain Spectrum Holdings III, an infrastructure fund focused on the telecommunications sector managed by Grain Management.
The board also made a follow-on commitment of $100 million to DoubleLine Opportunistic Income Master Fund, an opportunistic credit fund managed by DoubleLine Capital. The board originally committed $200 million in 2017.
As of July 31, the actual allocation to strategic investments was 9%; the target is 12%.
Within private equity, the board committed $200 million to buyout fund Thoma Bravo Fund XIV, $150 million to growth capital and special situations fund TPG Growth V, and $100 million to upper-middle-market buyout fund Thoma Bravo Discover Fund III.
As of July 31, the actual allocation to private equity was 7.3%; the target is 6%.
Within real estate, the board committed €75 million ($87 million) to CapMan Nordic Real Estate III, a value-added real estate fund managed by CapMan Real Estate, and also made direct investments of $21 million and $19 million in medical office properties managed by Heitman in a joint venture with Montecito Medical Real Estate.
As of July 31, the actual allocation to real estate was 9.4%; the target is 10%.
