Florida Growth Fund Program Investments Provided More Than $168 Million in FRS Distributions in Fiscal Year 2021-22
Report 23-01, January 2023
- As of June 30, 2022, the program had made 143 investments totaling $902.8 million in 75 technology and growth companies and 68 private equity funds with a Florida presence. This includes new investments in 17 technology and growth companies and 21 private equity funds totaling $55.9 million made in Fiscal Year 2021-22. The majority of direct investments made since inception are largely concentrated in five Florida counties located in Central and South Florida.
- From fund inception through June 30, 2022, the program distributed $830.7 million to the Florida Retirement System Pension Fund. During Fiscal Year 2021-22, the amount distributed was $168.3 million. Since inception, funds within the Florida Growth Fund Program have generally met or exceeded benchmarks set for each fund.
- Florida Growth Fund Program’s investments resulted in economic benefits. As of June 30, 2022, investment managers reported that companies currently receiving investments and exited investments created 5,480 jobs and made $974.4 million in capital expenditures.
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