Office of Program Policy Analysis and Government Accountability
Office of Program Policy Analysis and Government Accountability

Economically Targeted Investment Program Under Development

Report 08-72, December 2008




Report Summary

  • In 2008, the Legislature determined that using Florida pension funds to make financially prudent technology and growth investments had the potential to generate high-growth and high-wage jobs that would economically benefit the state. These types of investments are called "economically targeted investments." Federal law requires that such investments maximize returns to pension funds before their economic benefits are considered. Currently, 21 states make economically targeted investments using pension funds.
  • The State Board of Administration is developing Florida's program, which may invest up to 1.5% of the net assets of the state retirement system trust fund, or approximately $1.9 billion as of June 30, 2008, in technology and high-growth investments. Board officials are currently negotiating with investment firms to make targeted investments on behalf of the board. SBA officials report that they plan to follow best practice guidelines developed from other states' experiences with similar programs. OPPAGA will issue a report in January 2010 on the board's progress in making these investments.


Related Reports
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    Report 19-04 March 2019
  2. Florida Growth Fund Investments Have Provided More Than $363 Million in FRS Distributions; SBA Added a New Fund Manager and a $125 Million Tranche of Capital to the Program
    Report 19-02 January 2019
  3. Florida Growth Fund Investments Have Provided Over $300 Million in Distributions to the FRS; Fund Managers Continue to Seek New Investment Opportunities
    Report 18-02 January 2018
  4. Florida Growth Fund Investments Have Provided Over $200 Million in Distributions to the FRS; Fund Managers Continue to Seek New Investment Opportunities
    Report 16-08 December 2016
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
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