Florida SBA spreads $718m across seven funds


Florida State Board of Administration has committed a total of $718m across eight managers, including two private equity vehicles and two real estate funds.

The board committed $75m to Trident VII, a buyout fund managed by Stone Point Capital, and $68m to Warburg Pincus’ China fund according to John Kuczwanski.

Stone Point’s seventh fund, which is targeting $5.25bn, reportedly held a $1.25bn first close in September according to Buyouts.

Two months ago, Warburg Pincus closed its China Fund at $2bn, with the vehicle acting as a companion to Warburg Pincus Private Equity XII.

In real estate, the board committed $75m to Starwood Global Opportunity Fund XI, managed by Starwood Capital Group, and $50m to AEW Senior Housing Investors III, managed by AEW Capital Management.

Starwood Global Opportunity Fund XI is reportedly looking to raise up $6bn, making it the firm’s biggest fund to date according to Bloomberg.

Florida SBA also committed $200m to Cerberus FSBA Levered Loan Opportunities Fund, managed by Cerberus Capital Management and $150m to LCM Credit Opportunities Fund III, a distressed debt fund managed by LCM Partners.

Its final commitment was $100m to Deerfield Private Design Fund IV, a health-care-focused venture capital fund managed by Deerfield Management.

Copyright © 2017 AltAssets

Get the latest PE News & Research delivered to your inbox every morning