Florida invests nearly $500m in private equity in Q1

The $113bn pension committed to GI Partners, FS Equity, Hellman & Friedman and Charterhouse Capital Partners in the first quarter of 2009.

The Florida State Board of Administration invested more than $400 million in private equity in the first quarter, making commitments to GI Partners, FS Equity Partners, Hellman & Friedman and Charterhouse Capital Partners.

SBA, which manages Florida’s $113 billion pension, allocated $100 million to GI Partners Fund III, a buyout fund targeting $2.5 billion and is currently close to $2 billion. The pension invested $75 million in FS Equity Partners VI, which is targeting $1.5 billion and began fundraising in January.

SBA also committed $200 million to Hellman & Friedman VII, which is targeting $10 billion and has collected at least $6 billion.  Also, the pension committed €70 million to Charterhouse Capital IX, which closed in April on €4 billion, about one-third lower than its original target.

Florida also announced it was putting on hold an investment in Levine Leichtman IV, a $1 billion mezzanine fund. The pension’s target for debt investments, set last summer, has already been met and SBA will pull back from further investments in debt for the near future, a spokesman said.

Florida recently announced it selected Hamilton Lane to manage its $250 million local business private equity programme, in which it will take LP stakes in firms that are based in or work in Florida, as well as co-invest in Florida companies.

The pension allocates 5 percent of its assets to private equity.