Florida SBA Commits $2.1B Across 20 Q1 Investments
Florida's State Board of Administration disclosed approximately $2.1B in private market commitments across 20 investments in the first quarter, with active credit accounting for the largest share at $1.5B split between new manager relationships with AXA Investment Managers and StepStone. Private equity commitments of $206.7M went to four funds, led by One Peak Partners and Hg Capital, while real estate allocations of $657.8M spanned 10 investments across CBRE, Ares Management, Invesco, Core and Value Advisors, and Heitman Capital Management. Strategic investments rounded out the quarter with $200M to a life settlements vehicle and an infrastructure fund managed by ERA Partners.
Among other allocator activity, the City of Fresno Retirement Systems voted to commit up to $40M to I Squared Capital's ISQ Growth Markets Infrastructure Fund II and up to $65M to Seraya Partners Fund II, in line with a 2026 infrastructure pacing plan developed with consultant NEPC. The San Francisco Employees' Retirement System approved $110M across four funds, including $80M in opportunistic credit and co-investment vehicles managed by PAG and $30M split between two Eclipse Ventures vehicles, while also outlining a restructuring of its public equity portfolio and a search for developed market core managers.
Dakota’s monthly public pension disclosure report captured approximately $15.95B in private market commitments across 128 deals in April, with activity distributed across a broad set of mid-sized and regional plans. The month leaned toward private credit and private equity, which together represented just over half of total tracked commitments by dollar volume; private credit led all asset classes at $5.38B across 21 deals. Virginia Retirement System paced individual allocators at $2.45B across eight commitments.
On the GP fundraising side, Capital A Investment Partners closed its fifth flagship fund at €515M, surpassing its €425M target, with cornerstone commitments from LGT and Carlyle AlpInvest. Inverness Graham closed its fifth lower middle-market buyout fund at $400M, already invested in two platform companies at close. And Lansdowne Partners entered venture capital with a first close of more than $150M for a UK university-spinout-focused fund capped at $200M.
And in people news, York University appointed Arijit Banik as CIO, adding the role to his existing duties as university treasurer; in the combined position, he will oversee the Toronto institution's endowment alongside its defined-benefit and defined-contribution pension plans. The appointment coincides with the retirement of Leona Fields, director of the university's pension funds.
Read on for all the day’s fundraising news headlines.
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