The Florida State Board of Administration is preparing to sell a significant portion of its private credit holdings, which could be valued at up to $4 billion.

This transaction is one of the largest of its kind, as the pension fund aims to decrease its exposure to higher-yielding opportunistic credit investments. Sources suggest that the fund plans to divest between $3 billion and $4 billion, reallocating resources towards more traditional direct lending opportunities.

The sale may be structured in a way that allows buyers to choose specific parts of the portfolio, and the final amount may be lower than the initial range.