SB
LP profile
State Board of Administration
Pension fund · Founded 1943 · Tallahassee, United States
210
VC firms backed
$230B
AUM
~$4.6B
Allocated to VC (est. 2%)
01 · Background
Who State Board of Administration is.
- Historical Background
- The State Board of Administration (SBA) was established in 1929 and later incorporated into the Florida Constitution in 1942. It functions as Florida's principal independent investment management organization, governed by a three-member Board of Trustees consisting of the Governor, the Chief Financial Officer, and the Attorney General.
- Source of Capital
- The SBA is a governmental entity that primarily manages capital for the Florida Retirement System (FRS) Pension Plan. Additional capital sources include other state and local government entities, with funds under management such as the Florida Hurricane Catastrophe Fund, Florida PRIME, and the Lawton Chiles Endowment Fund.
- Allocation Strategy
- The SBA invests across a diversified range of asset classes, including global equities, fixed income, real estate, and strategic investments. A significant portion of its strategy is dedicated to alternatives, with a target allocation of 22% to private equity, strategic investments, and real estate. The organization manages over 30 distinct investment mandates on behalf of its beneficiaries.
02 · Fund commitments
The funds State Board of Administration backs.
State Board of Administration is a limited partner in 210 funds. 8 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Insight Partners
#23 Power Law
BlackRock
#83 Power Law
TPG
#158 Power Law
Summit Partners
#168 Power Law
Silver Lake Partners
#180 Power Law
Warburg Pincus
#233 Power Law
Blackstone
#240 Power Law
KKR
#251 Power Law
3i Group
AB CarVal
ABRY Partners
Accel-KKR
Actis
Advent International
AEW Invest
Alantra
Anchorage Capital Partners
Apax Partners
Appian Capital
Ardian
Audax Private Equity
Bayview Asset Management
BC Partners
Blantyre Capital
Blue Water
Capman
Colony Yangtze (Shanghai) Investment Management Consulting Co.,Ltd
DCP Capital
Edelweiss
Edelweiss Alternative Asset Advisors
Hahn & Co
IFM Investors
MBK Partners
Nippon Investment Company
PAG
Principal Asset Management
03 · Allocation
How State Board of Administration’s fund book is spread.
The 210 funds State Board of Administration backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters, across the 209 of 210 with a location on record.
- North America 15675%
- Europe 4120%
- Rest of world 126%
United States 155 · United Kingdom 28 · India 3 · Sweden 3
How established those managers are
Managers grouped by how many funds they have raised — across the 153 of 210 with a fund history on record.
Emerging funds · 69
Established funds · 84
36
1
18
2
15
3
14
4
20
5-6
17
7-9
18
10-14
15
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to State Board of Administration by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Murdocktrust
$1.8B AUM
19 VC funds backed
🇺🇸
Howmet Aerospace Retirement Plans Master Trust
15 VC funds backed
🇺🇸
John Deere Pension Trust
13 VC funds backed
🇫🇮
Keva
$70B AUM
68 VC funds backed
🇺🇸
Montana Board of Investments
$27B AUM
64 VC funds backed
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Louisiana State Employees' Retirement System
$12B AUM
36 VC funds backed
🇺🇸
San Diego City Employees' Retirement System
$12B AUM
66 VC funds backed
🇺🇸
AT&T Umbrella Benefit Plan No. 1
12 VC funds backed