Florida State Board of Administration, Tallahassee, is searching for private equity funds for a $250 million in-state investment fund called the Florida Growth Fund.
Hamilton Lane is managing the fund and the searches.
Hamilton Lane kicked off the search process today at the FSBA, said Erik Hirsch, Hamilton Lane CIO, and is searching for venture capital funds, small- to midsize buyout funds and mezzanine debt funds, and other kinds of private equity. The funds will target high-technology businesses in Florida as part of a legislative initiative enacted last year to bolster the states economy, according to a statement by the $120 billion Florida SBA.
Hamilton Lanes approach will include an active outreach program to firms and individuals familiar with businesses in the state, as well as FSBAs existing private equity partners. In addition, Hamilton Lane will consult its own national private equity network, according to a Hamilton Lane presentation to the FSBA.
Hamilton Lane is developing a dedicated website, http://www.floridagrowthfund.com, to field inquiries, proposals, and requests, the FSBA statement said.
Hamilton Lane expects to make the commitments over a three-year period, Mr. Hirsch said.
Also, the FSBA plans to co-invest in some of the businesses that are in the funds selected by Hamilton Lane, said Mr. Erik Hirsch and Dennis D. MacKee, FSBA communications director.