The State Board Administration (SBA) is Florida’s principal independent investment manager and invests on behalf of the Florida Retirement System Pension Plan, the Florida Hurricane Catastrophe Fund, Florida PRIME and 27 other PPFs. The pockets of capital are managed separately according to their risk profile, but the overall portfolio has about 20% exposure to private markets, including RE, Infrastructure, PE and HF. The institution is run by c.200 investment staff based out of the state’s capital city, Tallahassee.