Florida’s $128bn pension system has been revealed as one of two investors to have picked up minority stakes in US buyout house Providence Equity Partners.
A spokesman for the Florida State Board of Administration (FSBA) confirmed to Fortune that his organisation was one of the investors, but declined to provide further details.
The second investor is an unnamed sovereign wealth fund, according to a letter co-founder Jonathan Nelson sent to Providence investors.
FSBA has also previously picked up a minority interest in Lexington Partners.
Providence became the second private equity firm in a week to sell a ten per cent stake to large investors, which are increasingly looking to gain more control over their investments.
Days earlier it emerged a trio of sovereign wealth firms had bought a 10 per cent stake in European buyout giant CVC.
Singapore’s GIC and the Kuwait Investment Authority were revealed as two of the three backers, who will gain a share of the profits made by the management company and get preferential access to investment opportunities.
A third unidentified Asian fund also took part in the acquisition.
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