Florida adds more than $2bn in debt, PE and real estate in Q3

The $208 billion Florida State Board of Administration allocated $2.3 billion across a variety of alternative investments in the third quarter, including distressed debt, private equity and real estate investments. The busy quarter was punctuated by $1.3 billion in private debt allocations across a spectrum of investment strategies. The debt funds added were: Apollo Capital’s Apollo Accord Fund IV ($200 million); Audax Management Company’s Audax Mezzanine Fund V‐A, LP ($200 million); DoubleLine Capital’s DoubleLine Opportunistic Income LP ($100 million); Highbridge Capital’s Highbridge Convertible Dislocation Fund, L.P. ($200 million); Highbridge Capital’s Highbridge Tactical Credit Fund, L.P. ($200 million); MSD Capital’s MSD Private Credit Opportunity Fund SMA ($200 million); and Oak Hill Advisors’ OHA Tactical Investment Fund, L.P. ($200 million). The strategic investments segment of Florida’s portfolio meanwhile has several areas where debt is featured, including, distressed debt hedge funds, private debt (commercial mortgages) and private debt direct lending. Real estate and infrastructure investments accounted for $577 million across six managers. Funds added were: Capman Nordic Fund III ($87 million); Heitman’s Montecito direct JV offerings ($19 million, $21 million); Grain Spectrum Holdings III, L.P. ($100 million); Orion Energy Credit Opportunities Fund III, L.P. ($150 million) and Torchlight Debt Fund VII, LP ($200 million). Roughly $450 million was allocated meanwhile to private equity investments across three funds. Thoma Bravo’s latest funds, TB Discover III and TB XIV, received $100 million and $200 million, respectively. The third fund received $150 million and was TPG Capital’s TPG Growth V, which is also a buyout strategy akin to Thoma Bravo. Cambridge Associates assisted with the private equity and debt allocations, while Heitman and Townsend assisted with the dedicated real estate allocations.

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