The State Board of Administration of Florida has hired Wesley Bradle, a former investment officer at the California Public Employees’ Retirement System, as a senior portfolio manager, according to a spokesperson from Florida.
Bradle will focus on private equity due diligence and portfolio construction and will report to senior investment officer John Bradley. While at CalPERS, where Bradle spent more than six years, he focused on strategy research and implementation, new investment screening and special projects, according to his LinkedIn profile. He previously worked as an investment analyst at advisory firm Friedemann & Associates and as an associate at real estate consulting company Colmar & Associates.
Florida’s senior portfolio manager of private equity position had been vacant since 2012, following the passing of former senior portfolio manager Daniel d’Orchimont. The search for d’Orchimont’s replacement did not begin until early 2013, according to the spokesperson. The senior portfolio manager’s responsibilities have been shared by several members of Florida’s investment team.
During the fourth quarter of 2013, Florida committed $220 million to private equity fund managers including Permira Advisors, New Mountain Capital and Atlas Holdings, which represents a new relationship for the pension. Florida also invested $275 million in two real estate-focused funds and $350 million in three strategic investment funds during the period, Private Equity International reported.
Florida has a 6 percent target allocation to private equity and a 4.96 percent actual allocation. The pension has $176.9 billion of assets as of 31 December, according to its website.