Florida discloses Castlelake commitment

Castlelake closed on $1.4bn in March. 

The Florida State Board of Administration disclosed a $75 million commitment to Castlelake III on Tuesday. Florida made the commitment during the first quarter.

Castlelake closed its third fund in March on $1.4 billion, well over its $1 billion hard-cap. Fund III will pursue investments in European non-performing loans, global aviation, US distressed asset opportunities and dislocated industries.

“The successful close of Castlelake III is evidence of investors’ confidence in our team and its experience as opportunistic investors,” saidCastlelake’s managing partner and chief executive officer Rory O’Neill in a statement.

The firm’s previous fund had generated a 22.8 percent internal rate of return as of 31 March, according to performance data from the California State Teachers’ Retirement System.

In addition to its commitment to Castlelake, Florida disclosed $625 million in commitments to private equity vehicles.