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Office of Program Policy Analysis and Government Accountability

Florida Growth Fund Investments Add Jobs and Result in Distributions to the Retirement Fund, Report No. 13-11, December 2013
 
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  • As of July 2013, the Florida Growth Fund had invested $317 million in 20 technology and growth companies and 20 private equity funds. Investments were dispersed across 12 counties, with amounts ranging from $5 million in Manatee County to $54.5 million in Palm Beach County. Since its inception, the fund has experienced a net internal rate of return of 17.44% and has distributed $22.8 million to the Florida Retirement System.
  • The fund’s investments also resulted in economic benefits to the state. Companies that received Florida Growth Fund investments reported creating 5,008 jobs as of June 30, 2013. This included 2,836 jobs created by technology and growth companies and 2,172 jobs created by companies in which private equity funds were invested. The companies reported paying an average annual salary of $64,586, ranging from $19,308 to $97,569. In addition, growth and technology companies and private equity funds have made an estimated $165.4 million in capital expenditures since the fund’s inception.

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. 13-01 Florida Growth Fund Investments Have Increased and Recipients Report Employment Growth and Expanded Business Activities,published in January 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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