Florida SBA Sold $2.7 Billion of Private Credit Stakes (1)

The Florida State Board of Administration has sold $2.7 billion worth of private credit stakes to Banner Ridge Partners and Pantheon Ventures, according to people familiar with the matter.

Banner Ridge picked up $2.1 billion, while Pantheon Ventures took $600 million, the people said, who asked not to be identified discussing private transactions. The portfolio on offer included positions in funds from AB CarVal Investors, Oaktree Capital Management and Oak Hill Advisors.

It’s the latest in a series of big deals in recent months in the secondary market, where some credit investors are looking for liquidity after ...