Florida State Board of Administration, Tallahassee, agreed to commit an additional $250 million to the Florida Sunshine State Fund, a private equity fund focused on high-technology and growth businesses in Florida managed by J.P. Morgan Asset Management, spokeswoman Emilie Oglesby said in an email.
The board oversees a total of $253.1 billion, including the $200 billion Florida Retirement System.
The Florida Sunshine State Fund is part of the board’s Florida Growth Fund program, which was established by state statute in 2008. It allowed the board to invest up to 1.5% of its assets in technology and growth businesses either domiciled in Florida or having a principal address in Florida.
The board originally agreed to commit $125 million to the Florida Sunshine State Fund in 2018 after previous manager Hamilton Lane, which had overseen $750 million in commitments for the Florida Growth Fund I and Florida Growth Fund II, had completed all those commitments.
As of June 30, $88.9 million, or 70.2%, of the Florida Sunshine State Fund’s first tranche of capital has been committed to investments, Ms. Oglesby said.
Investments can be in the form of private equity funds and/or direct co-investments.