Florida State Board of Administration, Tallahassee, disclosed $2.1 billion in manager hires, commitments and investments in the fourth quarter, said John Kuczwanski, communications manager, in an email.
Within its strategic investments asset class, the board, which oversees a total of $235 billion, including the $182.6 billion Florida Retirement System, committed $300 million each to Centerbridge Capital Partners IV, a distressed debt fund managed by Centerbridge Partners, and Cerberus Corporate Credit SBA, a distressed debt fund managed by Cerberus Capital Management.
Also, the board committed $200 million each to Blantyre Special Situations Fund II, a European special situations fund managed by Blantyre Capital, and Carlyle Aviation Leasing Fund, a special situations fund managed by Carlyle Aviation Partners; made a $200 million direct hedge fund investment in EQMC Europe Development Capital Fund, an absolute return fund that invests in European small- and midcap companies, managed by Alantra EQMC Asset Management; and hired Edelweiss Alternative Asset Advisors to run $200 million in a customized private credit separate account.
The board also committed $150 million to infrastructure fund Actis Energy 5.
As of Sept. 30, the actual allocation to strategic investments was 9%; the target is 12%.
Within private equity, the board committed $150 million to buyout fund Waterland Private Equity Fund VIII, managed by Waterland Private Equity Investments; $115 million to Charlesbank Equity Fund X and $10 million to Charlesbank Equity Overage Fund X, both buyout funds managed by Charlesbank Capital Partners; $75 million to Arbor Investments V and $15 million to Arbor Debt Opportunities II, both private equity funds managed by Arbor Private Investment Co.; ¥4 billion ($39 million) to NIC Fund II, a venture capital fund managed by Nippon Investment Co.; and $30 million to venture capital fund SVB Capital Partners V.
As of Sept. 30, the actual allocation to private equity was 7.5%; the target is 6%.
Finally, in real estate, the board committed $150 million to Starwood Distressed Opportunity Fund XII, a distressed real estate fund managed by Starwood Capital Group.
As of Sept. 30, the actual allocation to real estate was 9.3%; the target is 10%.
Separately, the board terminated its three frontier markets equity managers following an evaluation of the global equity asset class's risk and return relative to other opportunities.
The managers — Aberdeen Standard Investments, First Sentier Investors and HSBC Global Asset Management — ran a total of $300 million.
Also during the fourth quarter, the board terminated AJO from a $779 million active domestic large-cap equity portfolio due to that firm's announcement it was going to cease operations.
Assets from all terminations were used for rebalancing and benefit payments.
As of Sept. 30, the actual allocation to global equities was 55.3%; the target was 53%.
