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Florida State Board of Administration

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Fund commitments · as a limited partner · 846

as of Jun 2025

Private-fund positions this organization discloses in its own public filings and reports — $101.4B committed, $57.9B reported NAV. Returns are this LP's own position, net of fees.

FundManagerVintageCommittedNAVNet IRRTVPIDPI
SBAF Mortgage Fund Holding LLC (A.K.A. Principal RE Debt)SBAF Mortgage2009$900M$89.9M6.7%1.15x1.03x
SBAF Mortgage Fund I Holding LLC (A.K.A. Principal RE Debt)General Atlantic2009$900M$217.5M7.6%1.18x0.91x
SBAF Mortgage FundSBAF Mortgage2006$650M$94.2M8.3%1.22x1.07x
Lexington Co-Investment Partners VLexington Partners2020$600M$231.9M—1.28x0.00x
Lexington Co-Investment Partners V-F LPLexington Partners2021$600M$800.4M16.2%1.46x0.17x
Liberty Partners Pool VILiberty2002$595.5M—-6.6%0.86x0.86x
Liberty Partners Pool IIILiberty1996$506.2M—0.4%1.02x1.02x
(Lexington) Co-Investment Partners 2005 LP (Pool III)Lexington Partners2012$500M$125.3M15.4%1.91x1.68x
(Lexington) Co-Investment Partners 2005 LP (Pool IV)Lexington Partners2017$500M$460.7M15.9%1.90x1.05x
(Lexington) Co-Investment Partners 2005 LP (Pools & II)Lexington Partners2005$500M$11.3M5.3%1.45x1.43x
(Lexington) Co-Investment Partners 2005 LP (Pools I & II)Lexington Partners2005$500M$6.6M5.2%1.44x1.43x
(Lexington) Co-Investment Partners LP (Pools III & IV)Lexington Partners2002$500M—23.4%2.18x2.18x
FSBA AAM Strategic Fund III, LPFSBA AAM Strategic—$500M————
Lexington Co-Investment Partners (Pools & II)Lexington Partners1998$500M—6.3%1.35x1.35x
Lexington Co-Investment Partners (Pools I & II)Lexington Partners1998$500M—6.3%1.35x1.35x
Lexington Co-Investment Partners 2005 (Pool III), L.P.Lexington Partners2003$500M$274.2M17.8%2.05x1.53x
Lexington Co-Investment Partners 2005 (Pools I & II), L.P.Lexington Partners2008$500M$42.8M5.4%1.46x1.37x
Lexington Co-Investment Partners 2005 Pool IVLexington Partners2012$500M$710.4M25.3%1.84x0.47x
Lexington Co-Investment Partners II (Pools III & IV), L.P.Lexington Partners2001$500M$7.7M23.4%2.18x2.17x
Blue Torch Credit Opportunities SBAF Fund LPBlue Torch Capital2020$450M$389.7M13.0%1.23x0.28x
Hicks Muse Tate Furst IV LPHicks Muse Tate Furst1998$400M—-8.8%0.63x0.63x
Hicks, Muse, Tate & Furst Equity Fund IVHicks Muse Tate Furst1998$400M—-8.8%0.63x0.63x
Garda FIRV Opportunity FundGarda2001$375M$451.7M11.8%——
Liberty Partners Pool IILiberty1994$359.8M—10.7%1.61x1.61x
CVI Credit Value Fund A V LPCVI2020$350M$380.2M7.8%1.14x0.00x
Liberty Partners Pool VLiberty1999$329.7M—2.7%1.14x1.14x
Asia Alternatives FL Investor III LPAsia Alternatives Management2020$303M$219.5M8.1%1.20x0.14x
Boston Timber Opportunities LLCBoston Ventures Management2012$300M$352.9M5.9%1.66x0.43x
Centerbridge Capital Partners IVCenterbridge Partners, L.P.2021$300M$364.9M19.6%1.38x0.21x
Cerberus FSBA Corporate Credit Fund LPCerberus2020$300M$174.6M-3.6%0.92x0.00x
Cerberus FSBA Levered Loan Opportunities Fund LPCerberus2016$300M$386.1M9.8%1.56x0.18x
IFM Global Infrastructure (US), L.P.IFM Investors2012$300M$492.5M10.7%2.44x1.07x
IFM Global Infrastructure FundIFM Investors2015$300M$665M12.0%2.24x0.02x
Pinegrove Sunshine Innovation Perpetual Fund, LP.Pinegrove Sunshine Innovation Perpetual2025$300M$245.7M—1.13x0.00x
Tiger Iron Special Opportunities Fund III, L.P.Tiger Iron Capital2022$300M$76.3M14.4%1.21x0.01x
Liberty Partners Pool VII*Liberty2005$290.8M$2.6M-6.8%0.85x0.84x
TAC 2007 LP (A.K.A. TPG Credit Fund)TPG2007$275.8M—2.1%1.06x1.06x
TPG - TAC 2007, L.P.TPG2009$275.8M—2.1%1.06x1.06x
Asia Alternatives FL Investor Il LPAsia Alternatives Management2017$270M$288.7M11.7%1.33x0.09x
Asia Alternatives FL Investor II LPAsia Alternatives Management2017$267M$282.1M6.9%1.32x0.31x
Apollo Investment Fund IVApollo1998$250M—6.8%1.52x1.52x
Blackstone Credit Liquidity Partners, L.P.The Blackstone Group2010$250M—8.9%1.24x1.24x
Blackstone Tactical Opportunities Fund - FD L.P.The Blackstone Group2010$250M$199.7M16.3%1.44x0.54x
Blackstone Tactical Opportunities Fund - FD L.P. (Pool II)The Blackstone Group2023$250M$75.5M—1.04x0.02x
Blackstone Tactical Opportunities Fund FD II LPThe Blackstone Group2023$250M$5.6M—0.85x0.01x
Blue Torch Credit Opportunities Fund IIBlue Torch Capital2020$250M$164.3M15.7%1.11x0.02x
Coastline Fund LP Tranche IICoastline2017$250M$254.7M10.4%1.32x0.62x
Coastline Fund, L.P.Coastline2003$250M$46.4M6.4%1.25x1.08x
Coastline Fund, L.P. (Tranche II)Coastline2002$250M$212.5M12.2%1.24x0.49x
CVI Global Value Fund A LPCarVal Investors2007$250M—21.2%2.31x2.31x
CVI Global Value Fund, L.P.CarVal Investors2007$250M$128.3K21.2%2.31x2.31x
Florida Growth Fund I (Tranche II), LLCFlorida Growth2009$250M$133M11.1%1.52x1.02x
Florida Growth Fund I, LLCFlorida Growth2006$250M$116.5M11.0%1.69x1.20x
Florida Growth Fund II LLC - Tranche IFlorida Growth2015$250M$128.9M10.5%1.50x1.02x
Florida Growth Fund II, LLCFlorida Growth2012$250M$196M13.9%1.53x0.70x
Florida Growth Fund LLC - Tranche IFlorida Growth2009$250M$43.8M10.7%1.64x1.42x
Florida Growth Fund LLC - Tranche IIFlorida Growth2011$250M$65.7M11.4%1.80x1.38x
Florida Growth Fund LLC - Tranche II & Credit TrancheFlorida Growth2011$250M$98.4M10.8%1.58x1.22x
Florida Sunshine State Fund L.P. - Tranche BFlorida Growth2023$250M$119.3M22.9%1.14x0.00x
Green Credit Investors, L.P.Green2012$250M—8.3%1.14x1.14x
Hellman & Friedman Capital Partners IXHellman & Friedman2019$250M$376.7M12.9%1.54x0.16x
Hellman & Friedman Capital Partners X, L.P.Hellman & Friedman2021$250M$221.1M6.4%1.15x0.13x
Lexington Capital Partners IXLexington Partners2019$250M$244.9M15.6%1.52x0.42x
Lexington Capital Partners VIII LPLexington Partners2015$250M$108.7M14.1%1.65x1.19x
Torchlight Debt Fund VII, LPTorchlight Debt2020$250M$175.7M4.3%1.09x0.08x
Torchlight Debt Fund Vll, LPTorchlight Debt2001$250M$64.1M3.0%1.02x0.17x
Apollo Credit Liquidity Fund, L.P.Apollo2009$238.2M—6.1%1.46x1.46x
Grove Street Partners Buyout II, L.P.GroveStreet2010$230M$151M16.1%1.92x1.26x
GS Partners Buyouts II LLCGroveStreet2011$230M$76M14.9%1.96x1.65x
CVC Capital Partners VIII-A LPCVC Capital Partners2021$225.5M$251.8M10.0%1.24x0.02x
Cerberus Institutional Real Estate Partners V LPCerberus2020$225M$229M12.7%1.36x0.02x
Global Infrastructure Partners IV-A/BGIP2018$225M$231.4M7.9%1.21x0.15x
Global Infrastructure Partners IV-C, L.P.GIP2007$225M$45.7M-9.2%0.92x0.00x
Fairview Special Opportunities Fund LPFairview Capital Partners2011$220M$493.8M22.6%4.71x2.36x
CVC Capital Partners IX L.P.CVC Capital Partners2023$210.1M$35M—1.13x0.09x
Blantyre Special Situations Fund II LPBlantyre Capital2020$209.6M$143.5M4.0%1.09x0.01x
Liberty Partners Pool ILiberty1993$205.7M—20.7%2.35x2.35x
(Lexington) LCP FSBA Co-Invest Account LPLexington Partners2016$200M$159.4M18.1%1.76x0.81x
Apollo Accord Fund IV LPApollo2020$200M—25.3%1.10x1.10x
Apollo Investment Fund IXApollo2018$200M—10.2%1.10x1.10x
Apollo Investment Fund VI LPApollo2006$200M—9.5%1.70x1.70x
Apollo Investment Fund VII LPApollo2008$200M—23.0%1.94x1.94x
Apollo Investment Fund VIIIApollo2013$200M—9.1%1.37x1.37x
Ares Corporate Opportunities Fund IVAres2012$200M$28.4M14.2%1.90x1.76x
Ares Corporate Opportunities Fund V LPAres2017$200M$173.8M6.0%1.30x0.52x
ASF VIII BASF2018$200M$134.4M62.3%1.59x0.27x
ASF VIII L.P.ASF2018$200M————
ASF VIII-B LPArdian2018$200M$162.4M13.7%1.37x0.45x
Asia Alternatives FL Investor LPAsia Alternatives Management2014$200M$140.4M8.4%1.57x0.90x
Audax Credit Opportunities (SBA) LLCAudax Group2010$200M$423.1M6.6%2.31x0.19x
Audax Mezzanine Fund VAudax Group2020$200M————
Audax Mezzanine Fund V A LPAudax Group2022$200M$61.6M15.5%1.17x0.23x
BlackRock US CRE Debt Fund C7 LPBlackRock2021$200M$147.3M5.4%1.05x0.60x
Blackstone Capital Partners VIThe Blackstone Group2011$200M—13.1%1.85x1.85x
Blackstone Tactical Opportunities Fund II, L.P.The Blackstone Group2015$200M$30M14.0%1.55x1.37x
Bridgewater Pure Alpha MMBridgewater Associates2010$200M$233.5M3.4%——
Carlyle Aviation Leasing Fund LPCarlyle Group2021$200M$140.6M10.8%1.20x0.12x
Carlyle Partners II, L.P.Carlyle Group1994$200M—20.1%2.30x2.30x
Carlyle Partners III LPCarlyle Group2000$200M—22.8%2.30x2.30x
Carlyle Partners V, L.P.Carlyle Group2007$200M—13.5%1.81x1.81x

Largest 100 of 846 disclosed positions. Source: Florida SBA Private Equity Performance - q1-2023-combined-performance. TVPI = total value / paid-in; DPI = distributions / paid-in.