Florida State Board of Administration, Tallahassee, disclosed $486 million in new and follow-on private equity and real estate commitments and investments completed in the first quarter in a new manager report on its website.
Within real estate, the board, which manages $274.8 billion in state assets including the $204.5 billion Florida Retirement System pension plan, invested $115 million in Westbend South, a core real estate joint venture between the board and MetLife Investment Management.
SBA also made a follow-on commitment of $100 million to WCP NewCold III, a value-added real estate fund managed by Westport Capital Partners. The board originally committed $150 million to the fund in 2024.
The board also invested $36 million in CenterSquare and $11 million in CenterSquare – Cinco Ranch, both real estate portfolios in joint ventures between the board and Core and Value Advisors, an affiliate of Stockbridge Capital Group.
The board also made a follow-on investment totaling $42 million in Montecito 300 Ventures III, a healthcare real estate portfolio in a joint venture between the board and Heitman. SBA has previously invested a total of $421 million in the portfolio since 2023.
As of Feb. 28, the FRS pension plan’s actual allocation to real estate was 9.4%; the target is 12%.
Within private equity, the board committed $110 million to Falfurrias Capital Partners VI, a buyout fund managed by Falfurrias Management Partners; and $30 million to TrueBridge Blockchain II (Parallel), a venture capital fund managed by Truebridge Capital Partners.
SBA also made a series of commitments to private equity co-investments: $12 million to an undisclosed co-investment alongside Livingbridge Enterprise 3; and $10 million each to Sauer Brands, a co-investment alongside buyout fund Advent International GPE X; Front Row Group, a co-investment managed by Charlesbank Capital Partners; and Cogentrix Co-Investment Fund, managed by QEP Advisors.
SBA made three co-investments of unclosed amounts with buyout fund Windrose Health Investors VI; an engineered and industrial solutions co-investment alongside buyout fund Searchlight Capital IV; and Tara Topco, a co-investment alongside Trident IX, a buyout fund managed by Stone Point Capital.
The board had already disclosed April 2 its largest commitment of the first quarter, a $700 million commitment to Pinegrove Sunshine Innovation Perpetual Fund, a customized venture capital fund managed by Pinegrove Capital Partners.
As of Feb. 28, the FRS pension plan’s actual allocation to private equity was 9.1%; the target is 10%.
