FRS Trust Fund confirms $575m in commitments

The US public pension has backed five funds in its round of first quarter PE commitments.

Institution: Florida Retirement System Trust Fund
Headquarters: Tallahassee, United States
AUM: $160.94bn
Allocation to alternatives: 17.20%
Bitesize: $100-200m

Florida Retirement System Trust Fund approved $575 million-worth of commitments to five private equity vehicles in Q1 2020, according to the pension’s quarterly investment report.

The commitments comprise of $200 million to Kennedy Lewis Investment Management’s KLCP Domestic fund; $100 million apiece to Rubicon Technology Partners Fund III, Patria Infrastructure Fund IV and Truebridge Direct Fund II; and $75 million to Denham Oil & Gas Fund II.

The $160.94 billion US public pension has a 6.0 percent target allocation to private equity that currently stands at 7.60 percent.

As illustrated below, FRS Trust Fund’s five Q1 2020 private equity commitments have comprised of two buyout funds alongside one vehicle each focusing on venture capital and debt. Patria’s fourth infrastructure fund, on the other hand, focuses on equity investments in infrastructure-related portfolio companies.

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