Florida commits $665m to private equity and credit

The Florida State Board of Administration has committed $665 million in the first quarter to both private equity and credit-related strategies, according to an investment summary provided by the institution.

Florida committed $190 million to TowerBrook Investors IV in February, which closed on its hard-cap of $3.5 billion that same month. The pension administrator committed $125 million to SVB Strategic Investors VI-B, a venture capital fund of funds targeting $300 million.

Florida also made commitments to what it calls its strategic investments asset class, pledging $150 million to Bayview Opportunity Fund IIIB, which targets mostly distressed real estate debt, and $200 million to Levine Leichtman Capital Partners V, targeting $1.5 billion for mezzanine investments. As of late March, Fund V had collected $361.8 million, according to a filing with the US Securities and Exchange Commission.

Florida has kept up its active alternatives commitment pace throughout the year. The board reported earlier this year that it had pledged $1 billion to an array of alternative investment strategies, including committing $100 million each to Silver Lake’s fourth fund, Lexington Partners’ Middle Market Investment III, targeting $750 million and EnCap Energy Capital Fund IX, targeting $4.25 billion.

The system is on pace to commit at least $2 billion to alternatives in fiscal year 2013, which started in June. In 2012, Florida adopted a pacing schedule that would have it committing about $6 billion to alternative investments in three years.

Florida’s private equity and strategic investments portfolios are run by Trent Webster, senior investment officer – strategies investments and private equity, and John Bradley, director of private equity.