LPs

Ardian picks up billion-dollar-plus portfolio from Florida SBA

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Florida State Board of Administration, pension fund, private equity,
A beachgoer photographs the waves as a band of Hurricane Matthew arrives in Daytona Beach, Florida, on Oct. 6, 2016. REUTERS/Phelan Ebenhack
  • Why this is important: Florida SBA has been a prolific seller on secondary market
  • AUM: $204.4 bln; PE portfolio value $13.8 billion.
  • Target to PE 6 pct; actual allocation 7.1 percent.
  • Contact: John Kuczwanski +1 850-413-1254

 

Ardian acquired a portfolio of mostly private equity stakes, and a small amount of venture, from Florida State Board of Administration, sources told Buyouts.

The portfolio was valued at around $1.3 billion, sources said.

Evercore was secondary adviser on the deal, which hit the market in October, Buyouts reported.

Florida packaged some strong buyout-fund exposure in the sale, with interests in funds from Providence Equity, Carlyle Group, Abry Partners and New Mountain Capital, sources said. The venture exposure was less attractive, they said.

John Kuczwanski, spokesman for Florida SBA, declined comment.

Florida manages about $204.4 billion of assets across numerous funds. The system’s PE portfolio is valued at about $13.8 billion. It has a 6 percent target to PE, with an actual allocation of 7.1 percent.

The system has been a prolific seller on the secondary market. In 2016 the system shopped a portfolio, with net asset value of about $1.1 billion, that also included high-quality names, Buyouts previously reported.

A year earlier, SBA sold a large portfolio that included a chunk of exposure to TPG, Buyouts reported.

Secondaries have hit deal-volume records for several years, and this year is on track to again break records.

The first half saw about $32 billion of volume, up 18 percent from the year-earlier period, Evercore said in its half-year volume report. Total volume last year came in at an estimated $54 billion, Evercore said.

Action Item: Read more about Florida’s PE portfolio here: https://www.sbafla.com/fsb/Home.aspx