The Florida Growth Fund initiative is a result of the Florida Technology and Growth Act of 2008. The act allows the SBA to invest up to 1.5% of Florida Retirement System Pension Fund (FRS) assets in technology and growth enterprises that have significant presence in Florida. Technology and growth investments include, but are not limited to, space technology, aerospace and aviation engineering, computer technology, renewable energy, and medical and life sciences.
The SBA developed a best-practices program that is true to our fiduciary requirements, and embeds a process that is accessible, consistent, transparent and fair. Requirements of the Florida Growth Fund are:
- 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.
- 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.
- The SBA may offer opportunities to small, state-based investment management firms to facilitate their development and growth.