Senate Bill 2310 was signed by Governor Crist on May 21, 2008 and became effective July 1, 2008. Upon becoming law:
1. The State Board of Administration (SBA), consistent with its fiduciary duties, may invest up to 1.5 percent of the net assets of the Florida Retirement System Pension Plan Trust Fund in technology and growth investments of businesses domiciled in this state or businesses whose principal address is in this state.
2. With no more, in the aggregate, than 10 percent of any fund in alternative investments (e.g., private equity, venture capital etc.), or in securities or investments that are not publicly traded and are not otherwise authorized.
3. The SBA may offer opportunities to small, state-based investment management firms to facilitate their development and growth.
The SBA currently has about $2 billion of investments in Florida companies and real estate. The SBA is committed to developing a best-practices program that is true to our fiduciary requirements, responsive to Senate Bill 2310, and embeds a process that is accessible, consistent, transparent and fair. Because of our stringent fiduciary requirements, the SBA’s program will not be a subsidized economic development program.
The SBA will evaluate identifying and making Florida technology and growth investments through one or more of the following approaches:
1. Enhancing and expanding the existing Florida-oriented venture capital fund of funds program. Grove Street Advisors has reviewed 29 Florida focused funds and committed $30 million to 4 funds with headquarters or offices in Florida.
2. Selecting new fiduciary investment managers that specifically seek out opportunities with Florida companies in the technology and growth segments of the state economy.
3. Developing a merchant banking relationship to provide debt and equity financing to Florida technology and growth businesses.
Note:
The term "technology and growth investments" includes, but is not limited to, space technology, aerospace and aviation engineering, computer technology, renewable energy, and medical and life sciences.
"Life sciences" means the use of information technology, engineering, and biological and chemical sciences for the development and production of goods and services, including, but not limited to, drug development, medical implants and devices, bio-related diagnostic products, bioagriculture technologies, biosecurity, biofuels, and bio-related applications.
Senate Bill 2310 
FLORIDA GROWTH FUND INFORMATION
06/19/2009 SBA Launches Florida Growth Fund Initiative
Florida Growth Fund Brochure
06/19/2009 Florida Growth Fund Launch Presentation
06/19/2009 Florida Growth Fund Launch Audio
floridagrowthfund@hamiltonlane.com
www.floridagrowthfund.com