Florida State Board Of Administration
The Florida State Board of Administration is Florida's principal independent Investment Management Organization. It invests across public and private asset classes and allocates capital through external managers, partnerships, co-investments, and other mandates.
What stands out about Florida State Board Of Administration
The SBA is a public institutional allocator and fiduciary investment manager rather than a conventional private-equity acquisition platform. Its documented activities include investing retirement-system assets, managing public funds, allocating to private-equity and strategic-investment vehicles, and considering submissions from investment managers.[1][2][3][4]
What does Florida State Board Of Administration invest in?
The Florida State Board of Administration is Florida’s principal independent Investment Management Organization. It was created by the Florida Constitution and is governed by a three-member Board of Trustees consisting of the Governor, Chief Financial Officer, and Attorney General.
The SBA is responsible for investing the Florida Retirement System Pension Plan, administering the Florida Retirement System Investment Plan, managing Florida PRIME and the Florida Hurricane Catastrophe Fund, and investing other mandates directed by the Florida Legislature.
Its public structure is that of a public institutional allocator and fiduciary investment manager. The Investment Advisory Council provides independent oversight of SBA funds and major investment responsibilities.[1][2][5]
The FRS Pension Plan invests across global equity, fixed income, real estate, private equity, strategic investments, cash equivalents, and active credit. The SBA states that it periodically adjusts asset allocation and rebalances portfolios to maintain desired asset mixes while pursuing long-term investment objectives subject to risk considerations.
Strategic investments may include hedge funds, infrastructure, and timberland. The SBA’s public materials also describe allocations through external managers, limited partnerships, co-investments, and other investment mandates.[1]
Owners comparing capital alternatives can review Auxo’s capital advisory services, valuation services, and full-versus-partial sale framework.
Published criteria: The SBA reported $276.7 billion in total assets under management as of June 30, 2025. Its manager-submission page generally defines a small manager as having fund sizes under $1 billion and total AUM under $3 billion.[2][3]
What should a business owner evaluate before taking capital from Florida State Board Of Administration?
An owner or manager evaluating the SBA should first clarify whether the proposed opportunity would involve a direct co-investment, a fund-level commitment, an external-manager relationship, or another institutional mandate. The SBA’s public materials describe an allocator and investment-manager process rather than a conventional operating-company acquisition process.
The relevant asset class, mandate, manager relationship, governance requirements, reporting expectations, diligence process, consultant involvement, investment-committee review, and Board approval steps should be confirmed for the specific opportunity. The manager-submission page states that a submission does not obligate the SBA to respond, select a manager, or enter into an agreement.
If the opportunity involves a company sale or recapitalization, the owner should clarify whether the applicable route would involve an external manager or co-investment vehicle.[1][3][5]
Which SBA asset class, mandate, or external-manager relationship would apply to the proposed opportunity
What fund-size, track-record, governance, reporting, liquidity, and fee requirements apply to the relevant mandate
What investment criteria does Florida State Board Of Administration publicly describe?
The SBA’s documented focus is principally at the asset-class and investment-mandate level. Its coverage includes global equity, fixed income, real estate, private equity, strategic investments, cash equivalents, and active credit.
Within strategic investments, the SBA identifies examples such as hedge funds, infrastructure, and timberland. Its manager-submission materials give consumer/retail, health care, and financial services as examples of specialist sectors.[1]
The SBA’s manager-submission page generally defines a small manager as one with fund sizes under $1 billion and total AUM under $3 billion. The page states that submitting manager information does not create an obligation for the SBA to respond, select an investment manager, or enter into an agreement with a firm.
The Investment Management Services page does not publish a universal selection timetable, approval probability, or standard fee schedule beyond the stated small-manager definition.[3]
The SBA’s Global Equity asset class consists principally of equities of companies located in the United States and internationally. This supports a global investment remit rather than a Florida-only or U.S.-only mandate.[1]
The official Q3 2025 Private Equity Performance Report lists 2025-inception or 2025-commitment vehicles including 25SB Co-Investment Limited Partnership, 26N Guava Co-Investment Partners LP, Accel-KKR Capital Partners VII LP, Advent International GPE XI SCSp, Arbor Investments VI L.P., Falfurrias Capital Partners VI LP, Florida Sunshine State Fund, L.P. – Tranche C, Frazier Healthcare Growth Buyout Fund XI, L.P., FS Equity Partners IX, L.P., and FSBA AAM Strategic Fund III, LP.
The report presents fund-level commitment, paid-in capital, distributions at market, current NAV, total-value-to-paid-in-capital, and fund-IRR fields for the listed alternative-asset partnerships.[4]
The SBA’s Q3 2025 Private Equity Performance Report identifies recent fund and co-investment vehicles at the partnership level. The report provides fund-level financial and performance fields for the listed vehicles rather than a conventional list of company acquisitions.[4]
What is not clear from Florida State Board Of Administration's public materials?
The Q3 2025 Private Equity Performance Report identifies alternative-asset partnerships and fund-level performance metrics but does not identify the underlying portfolio companies, individual acquisition dates, transaction counterparties, purchase prices, or consideration terms for those fund investments.
The Investment Management Services page does not publish a universal selection timetable, approval probability, or standard fee schedule for submitted investment managers.[3][4]
Questions to ask before taking capital from Florida State Board Of Administration
Which SBA asset class, mandate, or external-manager relationship would apply to the proposed opportunity?
Would the SBA consider a direct co-investment, or would exposure occur through a fund or manager?
What fund-size, track-record, governance, reporting, liquidity, and fee requirements apply to the relevant mandate?
What due-diligence, consultant, investment-committee, and Board approval steps apply?
If the opportunity involves a company sale or recapitalization, which external managers or co-investment vehicles, if any, would be relevant to evaluating it?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Company / investment criteria
- Transaction / portfolio evidence
- Structure / regulatory context
How this profile was researched
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Independent research profile
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