Key Takeaways
- • Florida State Board of Administration (SBA) reported an asset allocation as of June 30, 2025: 48.8% global equity, 20.4% fixed income, 9.4% real estate, 9% private equity, 6% strategic investments, 5.4% active credit and 1.2% cash.
- • The SBA is exploring Collateralized Fund Obligations and NAV loans in its private equity portfolio as alternatives to selling stakes on the secondaries market.
- • The SBA significantly raised compensation for investment professionals, with early-stage portfolio managers seeing the sharpest increases, in line with midway pay levels at peer funds.
- • The SBA's venture capital program reviewed 109 funds, conducted due diligence on 26 and invested in three last year, with successful IPOs, SPACs and 2013/14 vintage realisations driving standout performance.
- • CIO Ash Williams has made tactical moves into private equity, distressed debt and active listed equities during the crisis while expressing concern about the underlying real economy.
Summary
The Florida State Board of Administration (SBA), which manages assets based on the Florida Retirement System Investment Plan, reported an asset allocation as of June 30, 2025, according to its most recent annual report and publicly available data. Global equities make up the largest share at 48.8%, followed by fixed income at 20.4%, real estate at 9.4%, private equity at 9%, strategic investments at 6%, active credit at 5.4% and cash at 1.2%.
Top1000funds.com reports that the SBA is exploring new strategies in its private equity portfolio, including Collateralized Fund Obligations and NAV loans. These tools are being evaluated to generate liquidity and reposition the portfolio as an alternative to selling assets in the secondaries market.
The SBA has also significantly increased compensation for its investment professionals, bringing pay in line with midway levels at peer funds. Early-stage portfolio managers received the sharpest increases, reflecting competition in that segment of the market, while the SBA also raised pay for back-office staff.
The SBA's long-standing commitment to venture capital has contributed to the fund's performance. Last year the venture team held 340 meetings and calls, reviewed 109 funds, conducted due diligence on 26 and invested in three. Successful IPOs and SPACs, along with realisations from investments made in 2013 and 2014, drove a standout result.
During the market dislocation, the SBA made strategic moves in private equity, distressed debt and active listed equities. CIO Ash Williams, who is also executive director, has expressed concern about the underlying real economy even as the fund pursues these opportunities, according to a Fiduciary Investors Series podcast with Amanda White.
Top1000funds.com reports that the SBA is exploring new strategies in its private equity portfolio, including Collateralized Fund Obligations and NAV loans. These tools are being evaluated to generate liquidity and reposition the portfolio as an alternative to selling assets in the secondaries market.
The SBA has also significantly increased compensation for its investment professionals, bringing pay in line with midway levels at peer funds. Early-stage portfolio managers received the sharpest increases, reflecting competition in that segment of the market, while the SBA also raised pay for back-office staff.
The SBA's long-standing commitment to venture capital has contributed to the fund's performance. Last year the venture team held 340 meetings and calls, reviewed 109 funds, conducted due diligence on 26 and invested in three. Successful IPOs and SPACs, along with realisations from investments made in 2013 and 2014, drove a standout result.
During the market dislocation, the SBA made strategic moves in private equity, distressed debt and active listed equities. CIO Ash Williams, who is also executive director, has expressed concern about the underlying real economy even as the fund pursues these opportunities, according to a Fiduciary Investors Series podcast with Amanda White.
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