Florida eyes cap as it commits $800m

The $126bn pension system wants to deploy $2.5bn for private equity over the next three years, part of its overall goal of committing $6bn to alternative investments in the same time period.

Florida State Board of Administration has committed $800 million in recent months to private equity and real estate as the pension system works to deploy $6 billion to alternative investments over the next three years.

The board committed $200 million each to Green Equity Investors VI, which is targeting $6 billion, and Platinum Equity’s third fund, targeting $3.75 billion. The board also committed $100 million to Thoma Bravo Fund X, which closed on $1.25 billion in late February.

Florida also directed $300 million to The Blackstone Group’s seventh real estate fund, which has collected more than $10 billion and has a hard-cap at $13 billion.

The system wants to spend $2.5 billion on private equity over the next three years, and has the room to stay on a fast commitment pace. Earlier this year Florida's state legislature authorised the system to boost its alternatives target to 20 percent.

Florida recently replaced its long-time head of private equity, Jim Treanor, with two people: Trent Webster, who took on the role of senior investment officer – strategic investments and private equity, and John Bradley, who was promoted to the newly created position of director of private equity.

Treanor left last year to join Minnesota-based institutional investor advisor Jeffrey Slocum & Associates.