The State Board of Administration (SBA) was created by the Florida constitution and is governed by a three-member board of trustees (Trustees), comprised of the governor as chair, the chief financial officer and the attorney general. The SBA provides a variety of investment services to state and local government entities in Florida and has a history of generating excellent returns relative to risk and doing so at low cost. The SBA manages more than 30 funds, some established as direct requirements of Florida law and others developed as client-initiated trust agreements. This includes the Florida Retirement System Pension Plan, the Florida Retirement System Investment Plan, Florida PRIME and Florida Hurricane Catastrophe Fund. The combined asset are $191 billion.
The Florida State Board of Administration’s (SBA) commitment to venture capital over many decades has been a contributor to the fund's performance. Last year the team had 340 meetings and calls, reviewed 109 funds, carried out due diligence on 26 and invested in three. Successful IPOs and SPACs, plus realisations from investments made in 2013/14, have led to a standout performance.
Sarah RundellAugust 5, 2021
The Florida State Board of Administration has made some strategic moves to take advantage of opportunities in the dislocation, including in private equity, distressed debt and active listed equities.. But CIO, Ash Williams, is concerned about the underlying real economy.
In this Fiduciary Investors Series podcast Amanda White talks to Ash Williams, the executive director and chief investment officer of the Florida State Board of Administration about managing a large institutional portfolio in a time of crisis. Drawing
Amanda WhiteSeptember 24, 2020
There is a prevailing view among LPs that once a PE firm has an underperforming fund, the best way forward is to stop committing to future funds. But do outperforming funds that become underperformers deserve consideration?
Wes Bradle and Alex AbellJuly 3, 2019
A coalition of 13 institutional investors, led by the California State Teachers’ Retirement System, has crafted principles for engaging with entities that manufacture, sell or regulate guns in a way that fosters a responsible civilian gun industry and reduces risk. The guidelines are intentionally flexible so each organisation can apply them in accordance with its own models for engagement.
Christianna WoodNovember 22, 2018