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

Florida Growth Fund Program Investments Provided More Than $432 Million in FRS Distribution

Report 20-01, January 2020

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Report Summary

  • As of June 30, 2019, the Florida Growth Fund Program had committed to invest $721.1 million in 53 technology and growth companies and 37 private equity funds. Since our previous report, the two fund managers made new investments totaling $83.6 million in six technology and growth companies and four private equity funds. Florida investments were dispersed across 14 counties, with amounts ranging from $6.8 million in Manatee County to $177.5 million in Palm Beach County. From fund inception to June 30, 2019, the program had distributed $432.9 million to the Florida Retirement System trust fund. Since its inception, both the Florida Growth Fund I and Florida Growth Fund II have exceeded benchmarks set for each of these funds. Net internal rates of return since inception range from 12.2% to 9.1%, varying by tranche.
  • The program's investments resulted in reported economic benefits to the state. The Florida Growth Fund Program's investments also resulted in reported economic benefits to the state. Companies that received investments reported creating 20,906 jobs as of June 30, 2019. Fund managers reported that current investments created jobs that paid average salaries of $55,116. These salaries exceed the state's 2018 annual mean income of $50,092. One fund manager reported that companies and private equity funds receiving investments reported making $111.0 million in capital investments between July 1, 2018 and June 30, 2019, bringing total capital expenditures to $865.6 million since the fund's inception.

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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