Florida Allocates $1.3B to Real Estate, PE in Q1
The Florida State Board of Administration (SBA), managing $205 billion in state pension fund assets, committed approximately $1.3 billion to private equity and real estate programs to maintain its private markets exposure.
In private equity, the SBA confirmed a previously disclosed $700 million commitment to Pinegrove Venture Partners’ Sunshine Innovation Perpetual Fund, managed by SVB Capital Management. This multi-strategy investment includes fund-of-funds, co-investments, credit solutions, and structured secondaries.
An additional $242 million was directed to private equity, primarily through co-investments, with six firms—Searchlight Capital Partners, Charlesbank Capital Partners, QEP Advisors, WindRose Health Investors, Advent International, and Stone Point Capital—each receiving $10 million. Livingbridge Enterprise secured an $11 million co-investment, complementing the SBA’s existing stake in Livingbridge’s third fund.
The SBA also committed $110 million to Falfurrias Capital Partners VI, a small-cap buyout fund that closed at $1.35 billion in March, and $30 million to TrueBridge Blockchain II, a blended portfolio of blockchain-focused venture funds and companies, following a prior $30 million investment in TrueBridge’s first blockchain fund. Cambridge Associates advised on private equity selections.
In real estate, the SBA invested $356 million last quarter across joint ventures, credit facilities, and traditional funds. Joint venture commitments included $42 million to Heitman Capital Management’s Montecito III 2023/OrthoUnited, $36 million to Core and Value Advisors/CenterSquare JV, $11 million to Core and Value Advisors/CenterSquare-Cinco Ranch JV, and $115 million to Metlife Investment Management’s Westbend South JV. A $52 million credit facility loan was provided to SitusAMC’s REPIMAC Lender.
Additionally, $100 million was allocated to WCP NewCold III, a Westport Capital Partners cold storage fund targeting $2.5 billion. Townsend continues to serve as the SBA’s real estate investment consultant.