As of June 30, 2020, the Florida Growth Fund Program has made commitments to invest $827.2 million in 62 technology and growth companies and 43 private equity funds. Since our previous report, the two fund managers made new investments totaling $88.9 million in eight technology and growth companies and six private equity funds. Florida Growth Fund Program investments have been made in 14 Florida counties, with amounts ranging from $6.8 million in Manatee County to $208.8 million in Palm Beach County. From fund inception to June 30, 2020, the program had distributed $540.1 million to the Florida Retirement System Trust Fund. Since their inception, both Florida Growth Fund I and Florida Growth Fund II have exceeded benchmarks set for each of these funds. Net internal rates of returns since inception exceeded benchmarks by 1.4% to 25.8%, varying by tranche.

The Florida Growth Fund Program’s investments resulted in reported economic benefits. Companies receiving program investments reported creating 19,794 Florida jobs as of June 30, 2020. Fund managers reported that current investments that created jobs paid median annual wages ranging from $17,000 to $121,098. The majority of these median wages exceed the state’s 2019 overall median wage of $35,838. Additionally, fund managers reported that companies and private equity funds receiving investments reported making $254.3 million in capital expenditures between July 1, 2019, and June 30, 2020, bringing total capital expenditures to $1.12 billion since fund inception.