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Office of Program Policy Analysis and Government Accountability

Florida Growth Fund Investments Have Provided Over $200 Million in Distributions to the FRS; Fund Managers Continue to Seek New Investment Opportunities, Report No. 16-08, December 2016
 
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  • As of June 30, 2016, the Florida Growth Fund program had invested $512.4 million in 37 technology and growth companies and 29 private equity funds. Investments were dispersed across 13 counties, with amounts ranging from $6.8 million in Manatee County to $156.3 million in Palm Beach County.
  • Since its inception, Florida Growth Fund I has experienced a net internal rate of return of 11.1% and has distributed $201.5 million to the Florida Retirement System as of June 30, 2016.
  • Due to the success of Florida Growth Fund I, the State Board of Administration’s managers authorized the initiation of Florida Growth Fund II, which made its first commitment in December 2014. To date, Florida Growth Fund II has made six fund commitments and five co-investments, totaling $92.6 million in capital. Given initial fees, Florida Growth Fund II had generated a -1.4% net internal rate of return as of June 30, 2016. However, this fund is in the early stages of its investment timeline and fund managers expect positive returns as investments mature.
  • The program’s investments also resulted in reported economic benefits to the state. Companies that received Florida Growth Fund investments reported creating 15,331 jobs as of June 30, 2016. The companies also reported paying an average annual salary of $85,604 for those jobs created over the past year; however, salaries varied widely, from $15,000 to $767,000. In addition, 12 companies and 7 private equity funds reported making $51.8 million in capital expenditures between June 30, 2015 and June 30, 2016, bringing total capital expenditures to $364.4 million 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. 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. 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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