Florida sells fund interests to Lexington Capital

The State Board of Administration of Florida is a frequent seller in the secondaries market.

The State Board of Administration of Florida has sold between $500 million and $1 billion of fund interests to Lexington Capital.

The sale was completed with the assistance of advisory firm Park Hill Group, according to a spokesperson for the pension fund, who declined to further comment.

Tallahassee-based SBAF has been an active seller on the secondaries market. In March, it sold a legacy portfolio valued at about $350 million to Goldman Sachs Asset Management, a transaction also advised by Park Hill. Last year, Florida also sold a portfolio of European fund stakes to Partners Group.

SBA manages Florida’s retirement system with $182.6 billion in assets. It is currently seeking to fill a newly-created position of portfolio manager in its strategic investment and private equity department. The position will include managing relationships with fund managers and conducting due diligence-related activities, portfolio strategy and staff management, as previously reported by Secondaries Investor’s sister publication Private Equity International.

Lexington Capital was not immediately available for comment.