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TALLAHASSEE, FL – Attorney General Bill McCollum today issued the following statement about the progress being made by the State Board of Administration’s Florida Growth Fund Initiative:

“Florida needs to see economic growth, and I am pleased to see this initiative making progress toward developing and investing in high-paying Florida job opportunities.

“I have been supportive of the Florida Growth Fund since its inception, and I look forward to seeing it continue to grow and create new jobs for our state. It is my hope the Fund will find more early stage venture capital opportunities in Florida because the availability of early state venture capital remains the greatest need to enable small new companies in Florida to grow and produce new permanent jobs.”

The venture capital initiative will manage $250 million of capital on behalf of the Florida Retirement System Pension Fund, which will be dedicated to prudent investment in technology- and growth-related businesses with a significant presence in Florida.

Hamilton Lane, an independent private equity asset management institution, is developing and managing this growth fund and has already invested $55.5 million in Florida-based and/or focused private equity partnerships and Florida-based companies. The investments are made alongside private equity partnerships based or operating in the State of Florida. Hamilton Lane’s dedicated co-investment team is rigorously reviewing each opportunity looking for a company headquartered in, or conducting a significant portion of its respective business in Florida; profitable companies; experienced management teams; and attractive growth trends.