Florida State Board of Administration
Florida Board of Administration Gives $700m to Hedge Funds
The $117.1 billion pension plan has allocated money to seven hedge funds since June, when it boosted its strategic investment allocation—which includes distressed-debt and hedge funds—to 6% from 3.9%. The SBA plans to increase that further, to 11%, and is now searching for a risk modeler to provide risk measurement and monitoring models for its hedge fund portfolio, Pensions & Investments reports.
The big winner was Knight Vinke Asset Management, which received $250 million. The SBA also made four $100 million allocations, including to hedge fund P2 Capital Partners. The other nine-figure mandates went to three firms managing debt funds: Audax Group, Bayview Financial and Blackstone Group's GSO Capital.
The public pension also allocated $50 million to Oaktree Capital Management, and has approved an investment with CarVal Investors, which is pending. Consultant Cambridge Associates is still running several searches for direct hedge fund investments. Source