Florida SBA commits $1.1bn in Q1

Florida SBA commits $1.1bn in Q1 2016-05-05 Elizabeth Wu The Florida State Board of Administration , which manages funds on behalf of Florida Retirement System Pension Plan , committed a total of $1.1 billion to private funds in the first quarter of this year. The largest c

The Florida State Board of Administration , which manages funds on behalf of Florida Retirement System Pension Plan , committed a total of $1.1 billion to private funds in the first quarter of this year.

The largest commitment, which was $200 million, went to its co-investment vehicle with Lexington Partners , LCP FSBA Co-Invest Account LP, according to SBA. New York-based Lexington Partners, founded in 1994, is a global alternative investments manager and has $33 billion assets under management, out of which $29 billion is invested in secondary investments and $4 billion invested in private equity co-investments.

The rest of the commitments went to eight private equity funds, six of which are buyout, one of which is a venture capital fund. The pension plan also invested in two real estate funds and one infrastructure fund.

SBA committed $150 million each to Advent International 's Advent International GPE VIII LP and Thoma Bravo 's Thoma Bravo Fund XII LP.

The Florida pension fund's investment of $40 million in Tiger Iron Capital 's private equity venture capital fund, Tiger Iron Spec Opportunities, marked the pension fund's first investment with the firm. InvestIndustrial 's buyout fund, InvestIndustrial VI LP, in which SBA invested €50 million ($57.5 million, £39.6 million) represents the only European fund the pension fund committed to in the first quarter.

The Florida State Board of Administration has $179 billion assets under management.