Florida State Board of Administration, Tallahassee, disclosed $2 billion in manager hires and commitments, said John Kuczwanski, communications manager, in an email.
Within its strategic investments asset class, the board, which oversees a total of $210.3 billion, including the $166 billion Florida Retirement System, committed $350 million to CVI Credit Value Fund A V, a distressed/opportunistic debt fund managed by CarVal Investors.
The board also committed $200 million to LCM Credit Opportunities Fund IV and $50 million to LCM SOLO V, both private credit funds managed by LCM Partners.
As of April 30, the actual allocation to strategic investments was 9.2%; the target is 12%.
Within real estate, the board hired Cohen & Steers to run $250 million and DWS Group to run $150 million in real estate investment trust portfolios. The board also made a follow-on commitment of $24 million to CBRE Asia Value Partners V, a closed-end non-core real estate fund managed by CBRE Global Investors. The board originally committed $75 million to the CBRE fund in 2019.
As of April 30, the actual allocation to real estate was 9.8%; the target is 10%.
Within private equity, the board committed €200 million ($234 million) to European buyout fund CVC Capital Partners VIII; $200 million to Lexington Co-Investment Partners V, a co-investment fund managed by Lexington Partners; $175 million to buyout fund Silver Lake Partners VI; $100 million each to buyout funds Francisco Partners VI and MBK Partners V; £60 million ($77 million) to middle-market buyout fund Livingbridge 7; and $75 million to SVB Capital Strategic Investors Fund X, a venture capital fund of funds managed by SVB Capital.
As of April 30, the actual allocation to private equity was 8.1%; the target is 6%.
Also, the board terminated Hexavest from a $715 million active global equity portfolio. Mr. Kucawanski said the firm was terminated for performance reasons and assets were reallocated to existing strategies. Robyn Tice, spokeswoman for Eaton Vance, of which Hexavest is an affiliate, could not be immediately reached for comment.
As of April 30, the actual allocation to global equity was 53%, equal to its target.