The stakes Florida SBA sold to Ardian

Carlyle, Apollo and Blackstone funds were among those that changed hands in the deal involving $644m of NAV.

Florida State Board of Administration sold a portfolio of private equity and venture capital stakes to Ardian in the second half of last year, in a sale managed by Park Hill.

SBA has committed more than $1 billion to secondaries since 2010, according to PEI data. This was its fourth such stake sale, having offloaded portfolios to Goldman Sachs Asset Management in 2012, and Partners Group and Lexington Partners in 2014.

According to documents obtained by Secondaries Investor from the pension fund, the deal included stakes in 12 funds. The net asset value reference date is 30 June 2016.

Fund Name Vintage Year Original Commitment (m) Amount Drawn Down (m) NAV/Remaining Value
Green Equity VI 2011 $200.0 $155.6 $160.7
Carlyle Partners V 2007 $200.0 $175.3 $95.0
Green Equity V 2006 $100.0 $101.3 $67.8
Apollo Investment Fund VI 2005 $200.0 $180.2 $60.2
Apollo Investment Fund VII 2007 $200.0 $166.4 $59.3
Blackstone Capital Partners V 2005 $150.0 $145.1 $53.4
Wellspring Capital Partners IV 2005 $75.0 $77.2 $39.5
Providence Equity VI 2006 $50.0 $46.3 $27.4
Riverside Capital Appreciation 2008 2008 $75.0 $66.2 $26.0
Hellman & Friedman VI 2006 $100.0 $96.7 $24.9
Platinum Equity Capital Partners 2003 $50.0 $34.6 $6.6
Permira European Fund IV 2006 $64.0 $65.5 $23.2
Total $1,464.0 $1,310.4 $644.0

Source: Florida SBA