Florida posts double-digit private equity returns

The Florida Retirement System’s private equity portfolio returned 10.7% during the 2013 fiscal year.

The Florida Retirement System posted positive returns across all of its asset classes, including a 10.7 percent return from its private equity portfolio, according to a statement from the Florida State Board of Administration.

The private equity portfolio missed its 11.85 percent short-term benchmark, but the board commented on the difficulty in comparing the asset class to this benchmark, because its investments are long-term. The private equity portfolio returned 7.22 percent during the 2012 fiscal year, according to a spokesperson from the board.

Florida posted an overall 13.2 percent investment return, which surpassed its benchmark by 111 basis points, according to the statement. The pension plan manages $132.4 billion as of 30 June, which is $9.65 billion more than it had at the end of the 2012 fiscal year. 

The Florida Retirement System is overseen by The State Board of Administration. Last month Florida committed $200 million to KPS Special Situations Fund IV and $75 million to the Riverside Company’s Capital Appreciation Fund VI. It also committed $75 million to one growth fund—Insight Venture Partners’ eighth vehicle, Private Equity International previously wrote.