Florida State Board of Administration
Institutional investor✨ Fox Verdict
Sign up to see your fitFund commitments · as a limited partner · 846
as of Jun 2025Private-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.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| SBAF Mortgage Fund Holding LLC (A.K.A. Principal RE Debt) | SBAF Mortgage | 2009 | $900M | $89.9M | 6.7% | 1.15x | 1.03x |
| SBAF Mortgage Fund I Holding LLC (A.K.A. Principal RE Debt) | General Atlantic | 2009 | $900M | $217.5M | 7.6% | 1.18x | 0.91x |
| SBAF Mortgage Fund | SBAF Mortgage | 2006 | $650M | $94.2M | 8.3% | 1.22x | 1.07x |
| Lexington Co-Investment Partners V | Lexington Partners | 2020 | $600M | $231.9M | — | 1.28x | 0.00x |
| Lexington Co-Investment Partners V-F LP | Lexington Partners | 2021 | $600M | $800.4M | 16.2% | 1.46x | 0.17x |
| Liberty Partners Pool VI | Liberty | 2002 | $595.5M | — | -6.6% | 0.86x | 0.86x |
| Liberty Partners Pool III | Liberty | 1996 | $506.2M | — | 0.4% | 1.02x | 1.02x |
| (Lexington) Co-Investment Partners 2005 LP (Pool III) | Lexington Partners | 2012 | $500M | $125.3M | 15.4% | 1.91x | 1.68x |
| (Lexington) Co-Investment Partners 2005 LP (Pool IV) | Lexington Partners | 2017 | $500M | $460.7M | 15.9% | 1.90x | 1.05x |
| (Lexington) Co-Investment Partners 2005 LP (Pools & II) | Lexington Partners | 2005 | $500M | $11.3M | 5.3% | 1.45x | 1.43x |
| (Lexington) Co-Investment Partners 2005 LP (Pools I & II) | Lexington Partners | 2005 | $500M | $6.6M | 5.2% | 1.44x | 1.43x |
| (Lexington) Co-Investment Partners LP (Pools III & IV) | Lexington Partners | 2002 | $500M | — | 23.4% | 2.18x | 2.18x |
| FSBA AAM Strategic Fund III, LP | FSBA AAM Strategic | — | $500M | — | — | — | — |
| Lexington Co-Investment Partners (Pools & II) | Lexington Partners | 1998 | $500M | — | 6.3% | 1.35x | 1.35x |
| Lexington Co-Investment Partners (Pools I & II) | Lexington Partners | 1998 | $500M | — | 6.3% | 1.35x | 1.35x |
| Lexington Co-Investment Partners 2005 (Pool III), L.P. | Lexington Partners | 2003 | $500M | $274.2M | 17.8% | 2.05x | 1.53x |
| Lexington Co-Investment Partners 2005 (Pools I & II), L.P. | Lexington Partners | 2008 | $500M | $42.8M | 5.4% | 1.46x | 1.37x |
| Lexington Co-Investment Partners 2005 Pool IV | Lexington Partners | 2012 | $500M | $710.4M | 25.3% | 1.84x | 0.47x |
| Lexington Co-Investment Partners II (Pools III & IV), L.P. | Lexington Partners | 2001 | $500M | $7.7M | 23.4% | 2.18x | 2.17x |
| Blue Torch Credit Opportunities SBAF Fund LP | Blue Torch Capital | 2020 | $450M | $389.7M | 13.0% | 1.23x | 0.28x |
| Hicks Muse Tate Furst IV LP | Hicks Muse Tate Furst | 1998 | $400M | — | -8.8% | 0.63x | 0.63x |
| Hicks, Muse, Tate & Furst Equity Fund IV | Hicks Muse Tate Furst | 1998 | $400M | — | -8.8% | 0.63x | 0.63x |
| Garda FIRV Opportunity Fund | Garda | 2001 | $375M | $451.7M | 11.8% | — | — |
| Liberty Partners Pool II | Liberty | 1994 | $359.8M | — | 10.7% | 1.61x | 1.61x |
| CVI Credit Value Fund A V LP | CVI | 2020 | $350M | $380.2M | 7.8% | 1.14x | 0.00x |
| Liberty Partners Pool V | Liberty | 1999 | $329.7M | — | 2.7% | 1.14x | 1.14x |
| Asia Alternatives FL Investor III LP | Asia Alternatives Management | 2020 | $303M | $219.5M | 8.1% | 1.20x | 0.14x |
| Boston Timber Opportunities LLC | Boston Ventures Management | 2012 | $300M | $352.9M | 5.9% | 1.66x | 0.43x |
| Centerbridge Capital Partners IV | Centerbridge Partners, L.P. | 2021 | $300M | $364.9M | 19.6% | 1.38x | 0.21x |
| Cerberus FSBA Corporate Credit Fund LP | Cerberus | 2020 | $300M | $174.6M | -3.6% | 0.92x | 0.00x |
| Cerberus FSBA Levered Loan Opportunities Fund LP | Cerberus | 2016 | $300M | $386.1M | 9.8% | 1.56x | 0.18x |
| IFM Global Infrastructure (US), L.P. | IFM Investors | 2012 | $300M | $492.5M | 10.7% | 2.44x | 1.07x |
| IFM Global Infrastructure Fund | IFM Investors | 2015 | $300M | $665M | 12.0% | 2.24x | 0.02x |
| Pinegrove Sunshine Innovation Perpetual Fund, LP. | Pinegrove Sunshine Innovation Perpetual | 2025 | $300M | $245.7M | — | 1.13x | 0.00x |
| Tiger Iron Special Opportunities Fund III, L.P. | Tiger Iron Capital | 2022 | $300M | $76.3M | 14.4% | 1.21x | 0.01x |
| Liberty Partners Pool VII* | Liberty | 2005 | $290.8M | $2.6M | -6.8% | 0.85x | 0.84x |
| TAC 2007 LP (A.K.A. TPG Credit Fund) | TPG | 2007 | $275.8M | — | 2.1% | 1.06x | 1.06x |
| TPG - TAC 2007, L.P. | TPG | 2009 | $275.8M | — | 2.1% | 1.06x | 1.06x |
| Asia Alternatives FL Investor Il LP | Asia Alternatives Management | 2017 | $270M | $288.7M | 11.7% | 1.33x | 0.09x |
| Asia Alternatives FL Investor II LP | Asia Alternatives Management | 2017 | $267M | $282.1M | 6.9% | 1.32x | 0.31x |
| Apollo Investment Fund IV | Apollo | 1998 | $250M | — | 6.8% | 1.52x | 1.52x |
| Blackstone Credit Liquidity Partners, L.P. | The Blackstone Group | 2010 | $250M | — | 8.9% | 1.24x | 1.24x |
| Blackstone Tactical Opportunities Fund - FD L.P. | The Blackstone Group | 2010 | $250M | $199.7M | 16.3% | 1.44x | 0.54x |
| Blackstone Tactical Opportunities Fund - FD L.P. (Pool II) | The Blackstone Group | 2023 | $250M | $75.5M | — | 1.04x | 0.02x |
| Blackstone Tactical Opportunities Fund FD II LP | The Blackstone Group | 2023 | $250M | $5.6M | — | 0.85x | 0.01x |
| Blue Torch Credit Opportunities Fund II | Blue Torch Capital | 2020 | $250M | $164.3M | 15.7% | 1.11x | 0.02x |
| Coastline Fund LP Tranche II | Coastline | 2017 | $250M | $254.7M | 10.4% | 1.32x | 0.62x |
| Coastline Fund, L.P. | Coastline | 2003 | $250M | $46.4M | 6.4% | 1.25x | 1.08x |
| Coastline Fund, L.P. (Tranche II) | Coastline | 2002 | $250M | $212.5M | 12.2% | 1.24x | 0.49x |
| CVI Global Value Fund A LP | CarVal Investors | 2007 | $250M | — | 21.2% | 2.31x | 2.31x |
| CVI Global Value Fund, L.P. | CarVal Investors | 2007 | $250M | $128.3K | 21.2% | 2.31x | 2.31x |
| Florida Growth Fund I (Tranche II), LLC | Florida Growth | 2009 | $250M | $133M | 11.1% | 1.52x | 1.02x |
| Florida Growth Fund I, LLC | Florida Growth | 2006 | $250M | $116.5M | 11.0% | 1.69x | 1.20x |
| Florida Growth Fund II LLC - Tranche I | Florida Growth | 2015 | $250M | $128.9M | 10.5% | 1.50x | 1.02x |
| Florida Growth Fund II, LLC | Florida Growth | 2012 | $250M | $196M | 13.9% | 1.53x | 0.70x |
| Florida Growth Fund LLC - Tranche I | Florida Growth | 2009 | $250M | $43.8M | 10.7% | 1.64x | 1.42x |
| Florida Growth Fund LLC - Tranche II | Florida Growth | 2011 | $250M | $65.7M | 11.4% | 1.80x | 1.38x |
| Florida Growth Fund LLC - Tranche II & Credit Tranche | Florida Growth | 2011 | $250M | $98.4M | 10.8% | 1.58x | 1.22x |
| Florida Sunshine State Fund L.P. - Tranche B | Florida Growth | 2023 | $250M | $119.3M | 22.9% | 1.14x | 0.00x |
| Green Credit Investors, L.P. | Green | 2012 | $250M | — | 8.3% | 1.14x | 1.14x |
| Hellman & Friedman Capital Partners IX | Hellman & Friedman | 2019 | $250M | $376.7M | 12.9% | 1.54x | 0.16x |
| Hellman & Friedman Capital Partners X, L.P. | Hellman & Friedman | 2021 | $250M | $221.1M | 6.4% | 1.15x | 0.13x |
| Lexington Capital Partners IX | Lexington Partners | 2019 | $250M | $244.9M | 15.6% | 1.52x | 0.42x |
| Lexington Capital Partners VIII LP | Lexington Partners | 2015 | $250M | $108.7M | 14.1% | 1.65x | 1.19x |
| Torchlight Debt Fund VII, LP | Torchlight Debt | 2020 | $250M | $175.7M | 4.3% | 1.09x | 0.08x |
| Torchlight Debt Fund Vll, LP | Torchlight Debt | 2001 | $250M | $64.1M | 3.0% | 1.02x | 0.17x |
| Apollo Credit Liquidity Fund, L.P. | Apollo | 2009 | $238.2M | — | 6.1% | 1.46x | 1.46x |
| Grove Street Partners Buyout II, L.P. | GroveStreet | 2010 | $230M | $151M | 16.1% | 1.92x | 1.26x |
| GS Partners Buyouts II LLC | GroveStreet | 2011 | $230M | $76M | 14.9% | 1.96x | 1.65x |
| CVC Capital Partners VIII-A LP | CVC Capital Partners | 2021 | $225.5M | $251.8M | 10.0% | 1.24x | 0.02x |
| Cerberus Institutional Real Estate Partners V LP | Cerberus | 2020 | $225M | $229M | 12.7% | 1.36x | 0.02x |
| Global Infrastructure Partners IV-A/B | GIP | 2018 | $225M | $231.4M | 7.9% | 1.21x | 0.15x |
| Global Infrastructure Partners IV-C, L.P. | GIP | 2007 | $225M | $45.7M | -9.2% | 0.92x | 0.00x |
| Fairview Special Opportunities Fund LP | Fairview Capital Partners | 2011 | $220M | $493.8M | 22.6% | 4.71x | 2.36x |
| CVC Capital Partners IX L.P. | CVC Capital Partners | 2023 | $210.1M | $35M | — | 1.13x | 0.09x |
| Blantyre Special Situations Fund II LP | Blantyre Capital | 2020 | $209.6M | $143.5M | 4.0% | 1.09x | 0.01x |
| Liberty Partners Pool I | Liberty | 1993 | $205.7M | — | 20.7% | 2.35x | 2.35x |
| (Lexington) LCP FSBA Co-Invest Account LP | Lexington Partners | 2016 | $200M | $159.4M | 18.1% | 1.76x | 0.81x |
| Apollo Accord Fund IV LP | Apollo | 2020 | $200M | — | 25.3% | 1.10x | 1.10x |
| Apollo Investment Fund IX | Apollo | 2018 | $200M | — | 10.2% | 1.10x | 1.10x |
| Apollo Investment Fund VI LP | Apollo | 2006 | $200M | — | 9.5% | 1.70x | 1.70x |
| Apollo Investment Fund VII LP | Apollo | 2008 | $200M | — | 23.0% | 1.94x | 1.94x |
| Apollo Investment Fund VIII | Apollo | 2013 | $200M | — | 9.1% | 1.37x | 1.37x |
| Ares Corporate Opportunities Fund IV | Ares | 2012 | $200M | $28.4M | 14.2% | 1.90x | 1.76x |
| Ares Corporate Opportunities Fund V LP | Ares | 2017 | $200M | $173.8M | 6.0% | 1.30x | 0.52x |
| ASF VIII B | ASF | 2018 | $200M | $134.4M | 62.3% | 1.59x | 0.27x |
| ASF VIII L.P. | ASF | 2018 | $200M | — | — | — | — |
| ASF VIII-B LP | Ardian | 2018 | $200M | $162.4M | 13.7% | 1.37x | 0.45x |
| Asia Alternatives FL Investor LP | Asia Alternatives Management | 2014 | $200M | $140.4M | 8.4% | 1.57x | 0.90x |
| Audax Credit Opportunities (SBA) LLC | Audax Group | 2010 | $200M | $423.1M | 6.6% | 2.31x | 0.19x |
| Audax Mezzanine Fund V | Audax Group | 2020 | $200M | — | — | — | — |
| Audax Mezzanine Fund V A LP | Audax Group | 2022 | $200M | $61.6M | 15.5% | 1.17x | 0.23x |
| BlackRock US CRE Debt Fund C7 LP | BlackRock | 2021 | $200M | $147.3M | 5.4% | 1.05x | 0.60x |
| Blackstone Capital Partners VI | The Blackstone Group | 2011 | $200M | — | 13.1% | 1.85x | 1.85x |
| Blackstone Tactical Opportunities Fund II, L.P. | The Blackstone Group | 2015 | $200M | $30M | 14.0% | 1.55x | 1.37x |
| Bridgewater Pure Alpha MM | Bridgewater Associates | 2010 | $200M | $233.5M | 3.4% | — | — |
| Carlyle Aviation Leasing Fund LP | Carlyle Group | 2021 | $200M | $140.6M | 10.8% | 1.20x | 0.12x |
| Carlyle Partners II, L.P. | Carlyle Group | 1994 | $200M | — | 20.1% | 2.30x | 2.30x |
| Carlyle Partners III LP | Carlyle Group | 2000 | $200M | — | 22.8% | 2.30x | 2.30x |
| Carlyle Partners V, L.P. | Carlyle Group | 2007 | $200M | — | 13.5% | 1.81x | 1.81x |
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.