Institutional Investors

Florida’s actuarial health frees assets for alternatives


Florida State Board of Administration approves the largest US public pension allocation to hedge funds in dollar terms

Ponce de Leon was seeking the fountain of youth in exploring Florida's coastline, but now hedge fund explorers venturing into the sunshine state are likely to find a well of retirement dollars poised to make their way into alternative investments in the coming year.

Bringing youthful optimism in restructuring its alternative asset mix, the nearly $140 billion Florida State Board of Administration - which includes $113 billion in pension assets and a series of state funds-has undergone a transformation over the last year. This month, it finally gained approval to expand dramatically into