The Florida State Board of Administration recently committed a total of $150 million to two private equity firms, although it stands slightly above its target to the asset class.
One pledge, a slug of $75 million, went to J.H. Whitney VII, earmarked for investments in U.S.-based small and mid-market companies with strong growth prospects in the consumer products, specialty retail, health care services, specialty manufacturing and business services industries.
Stone Point Capital’s Trident V LP also got a pledge of $75 million. Stone Point specializes in making global investments in the financial services industry.
In June, the LP purchased a stake in Lexington Partners for $41.25 million, confirmed a spokesman. In 1998, Florida funded a $1 billion co-investment program, which Lexington ran. Since then, the LP has been one of Lexington’s biggest supporters.
Past pledges from Florida have gone to Charterhouse Capital IX; Hellman & Friedman VII; Lexington Cap Partners VII; Riverside Capital Appreciation V; and Wellspring Capital Partners V, among others.
The Florida State Board of Administration manages more than $140 billion in assets for several state and local funds and endowments. Regarding its private equity program, as of Aug. 31, the actual allocation was 4.2 percent, with a target allocation of 4.0 percent and a range of zero to 7 percent.
The LP uses Hamilton Lane as its private equity consultant.