Florida’s State Pension System Purchases Stake in Providence Equity

Increasingly, private equity firms are selling teaser stakes to large public investors, whether public pension funds or sovereign wealth funds. Providence Equity Partners Inc sold a combined stake of less than 10% to the Florida Retirement System Pension Plan and a sovereign wealth fund who are limited partners in their funds.

The stake for the Florida state pension system was US$ 150 million. Since 2007, the pension system invested around US$ 450 million in Providence Equity funds.

The Florida state pension system made the purchase through their US$ 6.4 billion private equity allocation. In 2010, the Florida State Board of Administration purchased a stake in Lexington Partners for US$ 41.25 million.

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