OPPAGA text logo with graphic of FL historic capitol
OPPAGA text logo with graphic of FL historic capitol

Florida Growth Fund Investments Continue to Add Jobs and Provide Distributions to the FRS

Report 14-11, December 2014




Report Summary

  • As of June 30, 2014, the Florida Growth Fund had invested $381.5 million in 27 technology and growth companies and 24 private equity funds. Investments were dispersed across 12 counties, with amounts ranging from $5.8 million in Lee County to $71.4 million in Palm Beach County. Since its inception, the fund has experienced a net internal rate of return of 14.96% and has distributed $49.6 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 11,125 jobs as of June 30, 2014. This included 2,926 jobs created by technology and growth companies and 8,199 jobs created by companies in which private equity funds were invested. The companies reported paying an average annual salary of $65,080. In addition, 13 growth and technology companies and 13 private equity funds made an estimated $86.3 million in capital expenditures between June 30, 2013, and June 30, 2014, bringing total capital expenditures to $251.7 million since the fund's inception.


Related Reports
  1. Florida Growth Fund Investments Have Provided More Than $363 Million in FRS Distributions; SBA Added a New Fund Manager and a $125 Million Tranche of Capital to the Program
    Report 19-02 January 2019
  2. 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
  3. 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
  4. Florida Growth Fund Expands and Diversifies Investments
    Report 15-14 December 2015
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