SBA Florida commits $1.38bn to private equity

The investments went to eight funds over Q3

The State Board of Administration of Florida invested $1.38 billion across eight private equity funds in the third quarter, according to newly released board documents.

Four commitments went to existing GP relationships. $75 million went to ABRY Partners VII; $100 million went to Charlesbank Equity Fund VIII; $200 million went to Hellman-Friedman Capital Partners VII, and $50 million went to Rubicon Technology Partners.

Inflexion saw two new and separate commitments – $500 million to its Buyout Fund IV, and $300 million to its Partnership Capital FD I vehicle. The buyout fund and partnership fund both closed in September on £605 million and £400 million respectively, according to Private Equity International’s research and analytics division.

The remaining commitments were $30 million to Openview Venture Partners IV, and $125 million to Strategic Investors Fund VII.

Outside of private equity, SBA Florida allocated approximately $1.11 billion to its strategic investments bucket, $225 million to global equity, and $163 million to real estate over the quarter.

As reported in our sister publication Secondaries Investor, SBA Florida has also been very active on the secondaries market most recently selling its stakes in 3i’s Growth Capital Fund and Eurofund V, as well as its stake in PAI’s Europe V fund. All of those sales were made to Partners Group.

John Kuczwanski, a spokesman for SBA Florida told PEI that despite heightened activity there is no change in the overall approach to SBA’s private equity portfolio. “As far as the secondary sales – our decision to sell was based on a combination of factors, including strong pricing and a desire to rebalance and refocus our European private equity portfolio. We are reducing our exposure to large pan-European GPs and increasing our focus on smaller, regional or country specific funds in Europe,” he added.