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