MIAMI, March 7, 2012 -- The Florida Senate approved the Ring/Oliva Bill today, which increases the Florida State Board of Administration’s cap on alternative investments from 10% to 20%. Specifically, the House Bill 1417 now goes to Governor Rick Scott for his approval and signature.

The Florida Senate approved without any debate a proposal that will double the amount of money the State Board of Administration, which manages Florida's $120 billion pension fund, can set aside for "alternative investments."

The Florida Alternative Investment Association (FLAIA) has spent the past two years advocating on behalf of members on this specific issue-submitting multiple advocacy letters, meeting with the State of Florida's Cabinet and the State Board of Administration's staff on numerous occasions, participating in round tables, and writing white papers advocating to various stakeholders and leaders.  FLAIA raised the concern that the public pension fund is not properly positioned to perform...