Florida's $219bn State Board of Administration is pivoting away from LP-led secondaries investments after underwhelming performance, according to senior investment officer John Bradley.

The secondaries program trailed the average return across funds in its benchmark universe across all reported time horizons except since-inception performance, according to materials prepared for its 1 June investment advisory council meeting.

This shift signals growing scrutiny of secondary market strategies as institutions seek better alignment with performance benchmarks. The move reflects broader market pressure on managers to deliver consistent returns across multiple periods.

The change comes as Florida SBA reevaluates its secondaries approach to improve future returns, with details to be discussed at the upcoming investment advisory council meeting.