GOVERNOR CRIST SIGNS BILL ALLOWING $1.95 BILLION IN INVESTMENTS IN INNOVATIVE FLORIDA COMPANIES
May 22, 2008
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NEW YORK CITY – On the floor of the New York Stock Exchange (NYSE) today, Governor Charlie Crist ceremonially signed Senate Bill 2310, allowing $1.95 billion investments in technology and growth enterprises, such as alternative energy, life sciences and aerospace. The legislation also doubles Florida’s 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,” Governor Crist said. "Florida is committed to growing industries such as aerospace, life sciences, and energy solutions.
The legislation allows the State Board of Administration (SBA) to invest 1.5 percent of its estimated $130.2 billion in total pension fund assets. 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.
“Today I have traveled to Wall Street to bring the message of Florida’s innovation economy to the epicenter of the world’s financial community,” Governor Crist said. While on Wall Street, Governor Crist met with Larry Leibowitz, group executive vice president and head of United States Markets & Global Technology for NYSE Euronext; Noreen M. Culhane, executive vice president of Global Corporate Client Group; and Jeffrey H. Eubank, senior vice president of NYSE Global Affairs & Government.
The legislation also will increase the amount of Florida’s alternative investments, from five percent to 10 percent of SBA’s $184 billion in total funds available for investment. Alternative investments are those made in a private equity fund, venture capital fund, hedge fund, distress fund, or a direct investment in a portfolio company through an investment manager. It is expected, however, that other venture firms will invest even more of their own money as a result of Florida’s increased investment, creating a total investment pool many times higher than just Florida’s contribution.
Joining Governor Crist for the announcement are bill sponsors Senator Jeremy Ring and Representative Frank Attkisson; Dr. Dale Brill, director of the Governor’s Office of Tourism, Trade and Economic Development; and Mark Wilson, president and chief executive officer of the Florida Chamber of Commerce.
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