Florida State Board of Administration, Tallahassee, disclosed $1.86 billion in manager hires, investments and commitments during the second quarter, said John Kuczwanski, communications manager, in an email.
The board, which oversees a total of $201.4 billion, including the $157.7 billion Florida Retirement System, hired William Blair & Co. to manage a $100 million active emerging markets equity portfolio. The funding source could not be immediately learned.
As of May 31, the actual allocation to global equities was 53.6%; the target is 53%. Investment consultant Mercer assisted.
In private equity, the board committed $300 million to Tiger Iron Special Opportunities Fund II, a venture capital fund managed by Tiger Iron Capital; $150 million each to Advent Global Private Equity IX, a global fund that invests in buyouts, recapitalizations and growth equity transactions, managed by Advent International, and Searchlight Capital III, a buyout fund managed by Searchlight Capital Partners; $100 million each to Blackstone Capital Partners VIII, managed by Blackstone Group, and Trident VIII, a buyout fund managed by Stone Point Capital; and $68 million to Warburg Pincus China-Southeast Asia II, a companion fund to growth equity fund Warburg Pincus Global Growth.
As of May 31, the actual allocation to private equity was 7.4%; the target is 6%.
Within its strategic investments asset class, the board invested an additional $150 million in Elan Fund, a hedge fund of funds managed by J.P. Morgan Asset Management, and made a follow-on commitment of $125 million to Rubik Holdings, an insurance risk fund managed by Nephila Capital Management. The board originally invested $300 million in Elan Fund in 2015 and $50 million to Rubik Holdings in 2018.
The board also committed $125 million each to NovaQuest Pharma Opportunities Fund II, a royalties fund managed by NovaQuest Capital Management; and Tintoretto Reinsurance Partners, an insurance fund managed by RenaissanceRe Fund Management.
The board also committed $100 million to Grain Communications Opportunity Fund II, an infrastructure fund managed by Grain Management, and made follow-on commitments of $100 million to Juniperus Insurance Opportunity Fund, an insurance fund managed by Pillar Capital Management, and $50 million to Aeolus Property Catastrophe Keystone PF Fund, an opportunistic/alternative reinsurance fund that specializes in property catastrophe insurance coverage managed by Aeolus Capital Management.
The board previously made commitments of $50 million each to the latter two funds in the fourth quarter of 2018.
As of May 31, the actual allocation to strategic investments was 8.9%; the target is 12%.
Alternative investments consultant Cambridge Associates assisted with the private equity and strategic investments transactions.
In real estate, the board committed $90 million to Heitman SBAF GP Co-Investment IV, a real estate co-investment fund, and $25 million to Rockpoint Real Estate Fund VI, a value-added real estate fund managed by Rockpoint Group.
As of May 31, the actual allocation to real estate was 9.6%; the target is 10%.
Real estate consultant Townsend Group assisted with the real estate transactions.
Mr. Kuczwanski could not be immediately reached to provide further information.
