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

Florida Growth Fund Expands and Diversifies Investments

Report 15-14, December 2015




Report Summary

  • As of June 30, 2015, the Florida Growth Fund had invested $402.4 million in 30 technology and growth companies and 23 private equity funds. Investments were dispersed across 12 counties, with amounts ranging from $5.8 million in Lee County to $78.8 million in Palm Beach County. Since its inception, the fund has experienced a net internal rate of return of 11.1% and has distributed $143.3 million to the Florida Retirement System.
  • The fund's investments also resulted in reported economic benefits to the state. Companies that received Florida Growth Fund investments reported creating 14,545 jobs as of June 30, 2015. This included 3,386 jobs created by technology and growth companies and 11,159 jobs created by companies in which private equity funds were invested. The companies reported paying an average annual salary of $67,536. In addition, 13 growth and technology companies and 7 private equity funds made an estimated $60.8 million in capital expenditures between June 30, 2014, and June 30, 2015, bringing total capital expenditures to $312.6 million since the fund's inception.
  • Due to the success of the Florida Growth Fund, SBA managers authorized Hamilton Lane to initiate Florida Growth Fund II, which started making investments in December 2014. To date, the fund has made one fund commitment and three co-investments, totaling $32.5 million in capital.


Related Reports
  1. 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
  2. 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
  3. Florida Growth Fund Investments Continue to Add Jobs and Provide Distributions to the FRS
    Report 14-11 December 2014
  4. Florida Growth Fund Investments Add Jobs and Result in Distributions to the Retirement Fund
    Report 13-11 December 2013
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.
growth, technology, Florida Growth Fund, Florida Retirement System, life sciences, investments, Hamilton Lane, due diligience, private equity, co-investments, direct investments, early-stage capital, start-up, economic development, economic benefits, pension funds, management fees, employment growth, wage growth, capital investment