Florida to invest $1.95 billion in hi-tech companies

Florida plans to invest $1.95 billion from its pension fund assets in high-tech companies working in innovative fields, such as alternative energy, life sciences and aerospace. The investment is 1.5 percent of the state’s $130.2 billion in pension fund assets.

Florida Gov. Charlie Crist signed Senate Bill 2310 into law Friday, doubling the amount the state will sink into alternative investments, from $9.2 billion to $18.4 billion. “This infusion of investment capital will enhance the state’s capacity for innovation, economic growth and higher paying jobs for Floridians,” Crist said in a speech on the floor of the New York Stock Exchange after signing the bill.

The law should attract new investment in the state, said David Day, director of technology licensing for the University of Florida in Gainesville. “Innovative industries from around the world are demanding more opportunities to invest in the great research and ideas generated in Florida,” he said in a statement.

Alternative investments include private equity funds, venture capital funds, hedge funds, distress funds or the direct investment in a portfolio company through an investment manager. State officials expect their investment to encourage other venture firms to increase their investments in such stock, too, creating an even larger investment pool.

More information on the Senate Bill is available at
http://www.flgov.com/release/10027.