Florida SBA makes $868 mln in private equity allocations in 2019 Q2

Florida State Board of Administration committed $868 million to private equity managers in 2019 Q2, it announced this week, out of $1.85 billion in total commitments. Funds included heavyweights like Warburg Pincus and Blackstone Group.

Commitments include:

• $100 million to Stone Point Capital’s Trident VIII fund, focused on buyouts;
• $150 million to Searchlight Capital’s Searchlight CAP III, focused on distressed assets;
• $68 million to Warburg Pincus’ Warburg PINC ASIA II fund, focused on growth capital;
• $150 million to Advent International’s Advent INTL GPE IX fund, focused on buyouts;
• $100 million to Blackstone Capital Partners’ Blackstone VIII fund, focused on buyouts;
• $300 million to Tiger Iron Capital’s Tiger Iron SOF II fund, focused on venture capital.

Florida SBA also invested in global equity, strategic investments and real estate, and announced that three strategic investment funds it was invested in had closed in the second quarter. Prominent strategic investments included $100 million to Grain Management’s Grain Communications Opportunities Fund II LP and $125 million to NovaQuest Capital Management’s Novaquest Pharma Opportunities Fund V.

Florida SBA controls the Florida Retirement System Trust Fund, valued at $159.9 billion as of Mar. 31. Private equity made up 7 percent of its total allocation, and had a 7.3 percent rate of return, slightly below its 8.3 percent benchmark.

Action item: read the materials for Florida SBA’s June meeting here.