The Florida State Board of Administration (Florida SBA) committed $30 million to venture in Q4 2019, which rounded out the firm’s strong year in the asset class.
The Tallahassee-based organization committed $30 million to OpenView Venture Partners VI last quarter. OpenView in Boston launched the fund in November with a $450 million target and a focus on expansion-stage capital.
Florida SBA previously invested in the firm’s fifth fund, which closed on more than $296 million from 23 investors in 2018, and Fund IV which closed in 2014.
This latest investment brings Florida SBA’s venture commitment total to $430 million for 2019. The fund committed $75 million to venture in 2018, $125 million to venture in 2017 and made no venture commitments in 2016.
Fund of funds strategy
This commitment also marks the first venture commitment for the fund in recent years that isn’t into a fund of funds manager. Fund of funds are a big part of the group’s strategy and its two other venture commitments in 2019 were both to that type of GP.
Florida SBA allocated $100 million to TrueBridge Capital Partners VI during the third quarter. The fund was launched last August and is targeting $575 million to invest in venture funds with some direct investments. SBA previously invested in vintages II, III, IV and V.
The firm also committed $300 million to the fund of funds Tiger Iron SOF II, which is raising an undisclosed amount.
Venture capital made up 22 percent of SBA’s private equity bucket, at the end of 2018. Private equity currently takes up 7.3 percent of the portfolio, as of the end of November. The strategy was returning 12.72 percent at that time.
Florida SBA invests on behalf of multiple state pension funds, state investment vehicles and its hurricane and catastrophe fund. The overall fund has more than $202 billion in assets under management.