Florida SBA Partners with J.P. Morgan Asset Management on Florida Growth Fund

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Dec 17, 2018, 11:00 ET

NEW YORK, Dec. 17, 2018 /PRNewswire/ -- J.P. Morgan Asset Management has been appointed by the Florida State Board of Administration (SBA) as manager for the Florida Growth Fund. As part of the mandate, J.P. Morgan Asset Management will construct a return-enhancing private equity portfolio focused on technology, growth and buyouts in Florida. The firm will commit to private equity funds based in Florida, as well as making investments directly in companies with a significant presence in the state.

The Florida Growth Fund is a legislatively-approved program providing capital to growth related businesses in Florida, having already committed over $750 million in Florida-based funds and direct private credit-related investments since commencing in 2009.

"We look forward to leveraging our extensive private equity investment experience in Florida to partner with the SBA on the Florida Growth Fund," said Robert Cousin, Managing Director in J.P. Morgan Asset Management's Private Equity Group. "We believe the size and diversity of the Florida economy will continue to drive new investment opportunities for the fund going forward, with this reflected by the emergence of a number of newly formed private equity firms and private companies across the state."

The State Board of Administration currently manages over $160 billion in assets of the Florida Retirement System Trust Fund and other funds for the State of Florida and local governments in assets classes including fixed income, domestic equities, foreign equities, private equity, real estate, and cash. At fiscal year end June 30, 2018 over $3 billion of investments were in Florida companies or real estate.

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of $1.8 trillion (as of September 30, 2018), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion (as of September 30, 2018) and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co., and its affiliates worldwide.

SOURCE J.P. Morgan Asset Management