Florida SBA Earmarks Over $2B to Alternative Assets in Q2

The Florida State Board of Administration, which oversees $234 billion in pension and other state assets, made just over $2 billion in commitments across three alternative asset classes in the second quarter.

Recently released records show allocations of $1.2 billion in private equity, $722 million in real estate and $150 million in credit.

The largest allocation in private equity was $600 million to Lexington Partners’ Lexington Co-Investment Partners VI-F, a co-investment fund.

A $200 million commitment was made to Hellman & Friedman Capital Partners XI. The strategy focuses on large-scale investments in growth businesses and follows the close of Fund X in 2021 with over $24 billion.

Asia Alternatives Management also received $200 million for its Asia Alternatives FL Investor IV buyout strategy.

Other private equity investments centered on buyouts and growth equity were: QEP Advisors’ Quantum Energy Partners VIII ($86 million); QEP Advisors’ Quantum Energy Partners VIII Co-Investment Fund ($14 million); Hahn & Company’s Hahn & Company IV ($75 million) and Hahn & Company’s Hahn & Company IV-S ($25 million).

In a series of five real estate commitments, the pension fund’s $27 billion real estate portfolio invested in multifamily and logistics portfolios, including $181 million in Core and Value Advisors LLC’s Central Port Logistics I and, in a joint venture with Metlife, a $274 million commitment to NorthPoint Tampa through Metlife Investment Management.

The pension fund also committed $100 million to Fairfield Realty Advisors LLC’s Fairfield US Multifamily Value Add Fund IV and $75 million to Bell Partners’ Bell Value Add Fund VIII. A $92 million investment was made in KCS Icebox Venture through a relationship with L&B Realty Advisors.

Within credit, a $150 million allocation was made in the CL Forgotten Coast Fund under its strategic investment portfolio. The fund, managed by Crestline Management, invests in loans, officials said.