Sidley Advises State Board of Administration of Florida on Secondary Sale of a Legacy Private Credit Portfolio

Sidley advised the State Board of Administration of Florida (SBA) on a sizable secondary sale consisting of a portion of its legacy private credit portfolio to multiple buyers in Q4 2024. Interests sold were in less secured, mezzanine, subordinated and equity investments which no longer align with the SBA’s long-term risk and return objectives. The Wall Street Journal reported that the secondary sale is “likely to be the largest-ever in the secondary market for private-credit assets.”

The Sidley team was led by partners Scott Macdonald and Oren Gertner, and included Kali Froh, Stephanie Flanagan, Amelia Albrecht, and law clerks Adam Cooper and Alexis Flowers (Investment Funds); Noam Waltuch, Andy Lau, and Patrick Gray (Tax); and Christian Pilhofer (Employee Benefits and Executive Compensation).