The Florida State Board of Administration (SBA) has reappointed J.P. Morgan (NYSE:JPM) Global Alternatives as manager for a second tranche of the Florida Growth Fund. As part of the mandate, J.P. Morgan (NYSE:JPM) will construct a portfolio of Florida-based private equity investments with an emphasis on technology, growth, and buyouts. The firm will invest in Florida-based private equity funds as well as directly in companies with a significant presence in the state.
Beginning in 2009, the Florida Growth Fund is a legislatively-approved program that provides capital to Florida companies with growth-related needs. The Fund currently has over $600 million invested in Florida-based funds, direct private equity, and credit-related transactions. Robert Cousin, Managing Director of the Private Equity Group at J.P. Morgan (NYSE:JPM) Global Alternatives, stated, “We are excited to continue and grow our partnership with the SBA on the Florida Growth Fund.” He added that Florida’s economy continues to provide an abundance of enticing investment opportunities due to its size, expansion, and diversity. Additionally, over the past three years, there has been a significant increase in the number of new private equity sponsors forming in Florida, as well as the number of existing sponsors relocating to the state.
For the State of Florida and municipal governments, the State Board of Administration currently oversees about $190 billion in assets from the Florida Retirement System Trust Fund and other funds, including fixed income, domestic and foreign equities, private equity, real estate, and cash.
Regarding JP Morgan (NYSE:JPM) Global Alternatives
The stock market never sleeps, and even the best companies’ fortunes fluctuate like the tide. As wheeled transportation becomes electrified, we are in the early stages of a once-in-a-century transition. This implies significant uncertainty. It is evident that not all (or even the majority?) ICE manufacturers will successfully transition to BEV production. It is an important transition, and there is a multitude of new companies with no history of ICE production from which to transition. Tesla is unquestionably the dominant player, and this will almost certainly continue, but there is ample room for other manufacturers.
Numerous Chinese BEV makers are emerging, whereas other ICE manufacturers are transitioning. BYD (SHE:002594) appears poised to emerge as a major victor in the BEV transition. Volkswagen (ETR:VOW3) is emerging as the company in Europe with the most.
Regarding J.P. Morgan’s Asset Management division
J.P. Morgan (NYSE:JPM) Asset Management is a global leader in investment management, with $2.5 trillion in assets under management (as of June 30, 2022). Every primary market in the world is represented by J.P. Morgan (NYSE:JPM) Asset Management’s institutional, retail, and high-net-worth clients. As a global investment management firm for equity, fixed income, real estate, private equity, and liquidity, J.P. Morgan (NYSE:JPM) Asset Management provides a wide range of services. It is the marketing moniker for JPMorgan (NYSE:JPM) Chase & Co. and its affiliates’ international asset management company, J.P. Morgan (NYSE:JPM) Asset Management.
J.P. Morgan (NYSE:JPM) Chase & Co. (NYSE: JPM) is a significant global provider of financial services headquartered in the United States of America (“U.S.”). As of June 30, 2022, J.P. Morgan (NYSE:JPM) Chase has $3.8 trillion in assets and $286,1 billion in stockholders’ equity. The Company is an industry leader in investment banking, consumer and small business financial services, commercial banking, financial transaction processing, and asset management. Under the J.P. Morgan (NYSE:JPM) and Chase brands, the Firm serves millions of customers in the United States and many of the most prestigious corporate, institutional, and government clients worldwide.
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