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Florida Opportunity Fund (FOF) is a fund of funds that directs investments into venture capital fund managers who in turn invest in seed and early stage concepts in Florida. Legislation passed by the Florida legislature in 2007, collectively referred to as the Florida Capital Formation Act, provided for the formation of the Florida Opportunity Fund (FOF). The program is sponsored by Enterprise Florida and is managed by Florida First Partners (FFP). The FOF was created to realize significant long-term capital appreciation by investing in high-quality venture capital funds that will focus (in whole or in part) on making investments in Florida and increase the availability of seed capital and early stage venture equity capital for emerging companies in the State, including, without limitation, enterprises in life sciences, information technology, advanced manufacturing processes, aviation and aerospace, and homeland security and defense, as well as other strategic technologies. The fund also aims to significantly increase the potential to create new businesses and jobs in the State that are based on high-growth potential technologies, products, or services that will further diversify Florida's economy. Florida First Partners is a joint venture between Milcom Venture Partners, Inc. and the Credit Suisse-Customized Fund Investment Group. The State of Florida provided $29.5 million to initially capitalize the Fund of Funds Program. As of June 30, 2022, $31 million has been committed to investments in nine venture capital funds.
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