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

Florida Growth Fund Program Investments Provided $134 Million in FRS Distributions in Fiscal Year 2023-24

Report 25-01, January 2025

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Report Summary

  • As of June 30, 2024, the board’s Florida Growth Fund Program invested in 91 companies through direct investments and invested in 62 private equity funds totaling $1.1 billion. This includes direct investments in 12 companies and investments in 15 private equity funds during Fiscal Year 2023-24 totaling $59.1 million.
  • From program inception in 2008 through June 30, 2024, the program distributed $1.1 billion to the Florida Retirement System Pension Fund. During the review period, the amount distributed was $133.5 million. 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 have resulted in economic benefits. As of June 30, 2024, investment managers reported that program investments had a net gain of 2,300 jobs and made $391.0 million in capital expenditures in Florida during the review period. 

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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