As of June 30, 2021, the Florida Growth Fund Program has made investments totaling $809.5 million in 69 technology and growth companies and 46 private equity funds. Since our previous report, the two fund managers made new investments totaling $35 million in seven technology and growth companies and four 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 $194.9 million in Palm Beach County. From fund inception through June 30, 2021, the program distributed $674 million to the Florida Retirement System Trust Fund. Since inception, funds within the Florida Growth Fund Program have generally met or exceeded benchmarks set for each fund.

The Florida Growth Fund Program’s investments resulted in reported economic benefits. Companies receiving program investments reported creating 23,658 Florida jobs as of June 30, 2021. Fund managers reported that current investments that created jobs paid average annual wages ranging from $20,592 to $117,639. The majority of these average wages exceed the state’s 2021 overall average wage of $50,020. Additionally, fund managers reported that companies and private equity funds receiving investments reported making $87.6 million in capital expenditures from July 1, 2020 through June 30, 2021, bringing total capital expenditures to $1.6 billion since fund inception.