Florida SBA Makes Nearly $2.6B in Q3 Commitments

The Florida State Board of Administration disclosed making 11 commitments in the third quarter totaling nearly $2.6B across fixed income and global equities along with a variety of alternative investment asset classes. 

In its recently published new manager report for the quarter, the pension said it allocated $1B to PanAgora DGE, a dynamic global equity fund managed by PanAgora Asset Management. In fixed income, it allocated $2.01B to JPMorgan Core Bond I. 

On the alternatives front, the Tallahassee, FL-based pension said it allocated $150M to ICG Europe Mid-Market Fund II, a mezzanine private credit fund managed by ICG Europe Sàrl. It also made three commitments to private equity, including $32.3M to middle-market buyout fund Inflexion Enterprise Fund VI. It also approved two co-investment strategies, a $5M allocation to WEP ELIDO I Co-Investment and $10M to Trace Sabre Co-Invest. 

The SBA board also approved five real estate investments, including a $150M allocation to WCP NewCold III, a value-add fund strategy managed by Westport Capital Partners. Four of the five commitments were made to opportunistic funds managed by Heitman Capital Management: $59M to iStorage JV II OKC Holdings, $56M to iStorage JV II RGV Holdings 1, $52M to Crescent BTR, and $47M to Crescent BTR Greensboro Hobbs Road. 

According to Dakota data, the Florida SBA has approximately $245B in managed assets.