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Office of Program Policy Analysis and Government Accountability

Florida Growth Fund Investments Have Increased and Recipients Report Employment Growth and Expanded Business Activities, Report No. 13-01, January 2013
 
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  • As of September 30, 2012, the Florida Growth Fund had committed to invest $255 million in 19 technology and growth companies and 15 private equity funds. As of June 30, 2012, the fund had a net internal rate of return of 21.03% since its inception.
  • Companies that received Florida Growth Fund investments reported creating 4,164 jobs as of September 30, 2012. This included 2,110 jobs created by technology and growth companies and 2,054 jobs created by companies in which private equity funds were invested. The companies also reported paying an average annual salary of approximately $58,000. Salaries ranged from $23,500 to $110,000 per year.
  • OPPAGA will continue to collaborate with the State Board of Administration, Hamilton Lane, and the Office of Economic and Demographic Research to identify and gather the data necessary to conduct a comprehensive analysis of the Florida Growth Fund’s economic benefit to the state. To facilitate such analysis in future reports, companies receiving fund investments should be encouraged to provide the data to the fund manager by September 30 each year.

Which Government Program Summaries contain related information?

State Board of Administration of Florida

What other OPPAGA-related materials are available?

  • Report No. 16-08 Florida Growth Fund Investments Have Provided Over $200 Million in Distributions to the FRS; Fund Managers Continue to Seek New Investment Opportunities,published in December 2016.
  • Report No. 15-14 Florida Growth Fund Expands and Diversifies Investments,published in December 2015.
  • Report No. 14-11 Florida Growth Fund Investments Continue to Add Jobs and Provide Distributions to the FRS,published in December 2014.
  • Report No. 13-11 Florida Growth Fund Investments Add Jobs and Result in Distributions to the Retirement Fund,published in December 2013.
  • Report No. 11-26 Florida Growth Fund Investments Increase; Additional Data Needed to Estimate Economic Benefit,published in December 2011.
  • Report No. 10-60 The Florida Growth Fund Added Investments in 2010, but It Is Still Too Early to Assess Total Economic Impact,published in December 2010.
  • Report No. 09-45 SBA Has Implemented the Florida Growth Fund; Economic Impact of Investments May Not Be Apparent for Several Years,published in December 2009.
  • Report No. 08-72 Economically Targeted Investment Program Under Development,published in December 2008.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
e-mail address: oppaga@oppaga.fl.gov


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