Firms & Funds

Florida commits $200 mln to Levine Leichtman in $1 bln-plus Q2

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Florida State Board of Administration, pension fund, private equity,
A beachgoer photographs the waves as a band of Hurricane Matthew arrives in Daytona Beach, Florida, on Oct. 6, 2016. REUTERS/Phelan Ebenhack
  • Florida kicks in more than $1.4 bln to PE
  • Pension pledges $200 mln to Levine Leichtman Fund VI
  • Commits to Apollo, CVC, KKR and Silver Lake

Amid a huge second-quarter making private equity commitments, Florida’s state pension system kicked in $200 million to Levine Leichtman’s sixth fund.

Levine Leichtman Capital Partners is in market with Fund VI targeting $2.2 billion, according to an SEC filing filed in May. How much the firm has pulled in for Fund VI so far is unclear.

Florida’s commitment to Levine Leichtman was part of a $1.4 billion flood of commitments to PE in Q2.

Florida State Board of Administration, with about $195.4 billion in assets under management, committed $200 million each to Apollo’s Fund IX, which raised $24.7 billion; Asia Alternatives FL Investor II and Levine Leichtman VI. The pension system committed $150 million to KKR Asian Fund III, which closed in June on $9.3 billion and $140 million to Silver Lake Partners V, which closed on $15 billion in April, pension system documents show.

The system also committed $100 million to TrueBridge Capital Partners V, which is targeting $350 million; $150 million to Apollo Aviation SASOF IV; $40 million to Carnelian Energy Capital II, which closed on $600 million in June; $90 million to CVC Capital Partners VII, which closed on $18 billion in June, and $25 million to OpenView Venture Partners V, targeting $250 million.

Florida also committed $80 million to Peak Rock Capital II, targeting $720 million, $20 million to Peak Rock Capital Credit Fund II, targeting $180 million, and $25 million to SVB Capital Partners IV.

The system also committed $1 billion to BMO Asset Management Corp for global equities, $100 million each to Barings, formerly known as Babson Capital Management, Sprott Private Resource Lending and two Carlyle real estate funds. Florida also kicked in $75 million to Primary Wave Music I, the document said.

Florida had a 6.3 percent allocation to PE as of May, with a target of 6 percent.

Action Item: Levine Leichtman’s Form D here: http://bit.ly/2wq41Cw