Firms & Funds

Hamilton Lane’s Florida program moves forward after departure

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Florida, Retirement, Pension Fund
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  • Nayef Perry takes over Hamilton Lane’s Fort Lauderdale office
  • Greg Baty left to became a partner at Trivest
  • Florida program invests in-state

Hamilton Lane will continue to serve as general partner of the Florida Growth Fund after the February departure of Greg Baty, the firm’s senior professional on the ground in Florida.

The fund’s investment strategy will not change, Dave Helgerson, managing director at Hamilton Lane, told Buyouts.

Baty left Hamilton Lane, where he led the team that managed the Florida Growth Fund, to become a partner at Miami-based Trivest Partners. Nayef Perry, vice president, will assume leadership of Hamilton Lane’s Fort Lauderdale office. The fund will continue to be managed by a team of investment and relationship management professionals, supported by the full Hamilton Lane platform, according to Helgerson.

The fund was established under the Florida Technology and Growth Act of 2008, which allows the Florida State Board of Administration (SBA) to invest up to 1.5 percent of Florida Retirement System Pension Fund assets in technology and growth enterprises based in Florida. It launched in 2009 with $250 million of capital.

Hamilton Lane, which has managed the vehicle since its inception, began investing a third tranche of $250 million in December 2014. The fund deploys capital over a four-year to five-year period in businesses across a wide range of life cycles and industry sectors.

As of June 30 2015, the fund has deployed $402.4 million to 30 technology and growth companies and 23 private equity funds, creating 14,545 jobs, according to a report by the Florida state legislature. It has generated a net internal rate of return of 11.1 percent over its lifetime, according to the report.

Hamilton Lane manages similar targeted investment programs, each with a unique mandate, for New York, California, and Nevada.

Founded in 1991, Hamilton Lane manages more than $34 billion in discretionary assets. The firm is based in Bala Cynwyd, Pennsylvania and has 12 offices around the world.