Florida Retirement System reports 10.65% private equity return


california_170sqThe Florida Retirement System (FRS) said its private equity portfolio posted a 10.65 per cent return in the fiscal year to end June.

FRS also revealed that it earned an overall return of 13.12 per cent, beating its benchmark by 111 basis points.

The value of the pension plan’s portfolio increased by $9.65bn to $132.4bn during the period, while net distributions reached $6.2bn.

FRS noted that all its asset classes – which include global equity, strategic investments, real estate, private equity, fixed income and cash – earned positive returns.

Florida State Board of Administration CIO Ash Williams said, “While we are always pleased to see a strong annual performance our focus is on the long-term – 20 and 25 years.

“For these periods the fund has generated returns of 7.99 and 8.93 per cent respectively.

“The strong long-term performance can be attributed to continued prudent diversification of assets, cost controls, and excellent fund manager selection.”

Late last year the Florida Retirement System Trust Fund backed mid-market private equity firm GI Partners’ fourth buyout fund.

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