Firms & Funds

Florida SBA in Q1: Pledges in 3 currencies total $247 mln

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Florida State Board of Administration, florida, private equity, pension fund
A sand artist paints the sand on Fort Lauderdale, Florida, beach with the NCAA college football 2013 Discover BCS National Championship logo on January 6, 2013. Photo courtesy Reuters/Mike Segar - RTR3C5GK

Florida State Board of Administration committed $247 million to five private equity funds during the first quarter of 2019.

Q1 Board commitments include:

  • 286 million Swedish kronor ($30 million) to Summa Equity’s second fund. The fund closed in February at a hard cap of $681 million. Summa Equity II focuses on Nordic and European companies aimed at tackling climate change, population growth and an aging demographic;
  • $50 million to WindRose Health Investors V, targeting $550 million, according to an SEC filing. Healthcare-focused WindRose closed its fifth fund at $705 million in January;
  • £25 million ($32 million) to Livingbridge Enterprise 3, a U.K.-focused private equity fund targeting $526 million;
  • $60 million to Falfurrias Capital Partners’ fourth fund. The North Carolina middle-market PE fund closed in February at a hard cap of $500 million;
  • $75 million to American Industrial Partners VII, which closed on its $3 billion hard cap in April. The fund is focused on middle-market industrial businesses based in North America.

Livingbridge, Summa Equity, WindRose Health Investors and Falfurrias Capital are all new PE managers to Florida SBA. AIP is the only returning PE manager for the system.

Private equity made up 7.1 percent of Florida SBA’s assets as of June 30, 2018.