Florida SBA Commits $1.1B Across Multiple Alts Strategies
The State Board of Administration of Florida (SBA), which oversees the state’s pension assets, allocated roughly $1.1 billion across multiple managers and portfolios with a focus on credit, private equity, real estate and hedge fund strategies.
Within active credit, three commitments were made totaling over $400 million. A $150 million allocation was made to both Appian Credit Strategies I, managed by Appian Capital Advisory, and Tiverton Advisors’ Tiverton AgriFinance III. Meanwhile, current manager Apollo saw a $104 million commitment to its Apollo Accord Fund VI.
In diversifying strategies, reinsurance specialist Nephila Capital saw a $300 million commitment to a segregated account of Arachne (SAC) Holdings. Cambridge was the consultant.
The private equity program received a roughly $200 million investments last quarter, with capital deployed in two funds active in the energy sector.
Carnelian Energy Capital Management’s Carnelian Energy Capital V saw a $100 million commitment to its buyout/growth equity strategy. The fund is focused on the North American energy sector.
Inflexion Private Equity Partners’ latest offering, Inflexion Partnership Capital Fund III saw a commitment of roughly $50 million to what it says is the largest dedicated minority fund in Europe.
Lastly, a $50 million commitment went to Post Oak Energy Capital’s latest fund. Post Oak Energy Partners V primarily focuses on domestic investments in the upstream, midstream and oilfield services sectors.
Real estate saw robust activity last quarter, including within the lending sector.
MetLife saw multiple rounds of activity. Florida committed $175 million to Columbus Transport St., while $68 million went to its Mission Pointe account, and another $124 million went to a lending facility.
L&B Realty Advisors saw a $17 million commitment to its KCS Icebox Venture, while another $17 million went to Heitman Capital Management’s joint venture, Montecito III. Invesco Advisers saw a $41 million allocation to its Charlotte Eastfield JV. Core and Value Advisors saw a $35 million allocation to its Stockbridge Credit Facility.
The allocations were completed in the first quarter of 2024, as the funds saw gains of 1.97% in the first two months of the year, according to trustee documents. Overall, Florida’s portfolio remains underweight in private equity, real estate and in strategic investments programs.