Pursuant to the authority granted in Article III, Section IX, Paragraph VI(g) of the Constitution, there is hereby created the Invest Georgia Fund as a distinct component of the Seed-Capital Fund. The General Assembly declares that its purpose in creating the Invest Georgia Fund and enacting this legislation is to increase the amount of private […]
As used in this article, the term: “Affiliate” means: A person who, directly or indirectly, beneficially owns, controls, or holds power to vote any outstanding voting securities or other voting ownership interests of a venture capital firm; or A person whose outstanding voting securities or other voting ownership interests are directly or indirectly beneficially owned, […]
There is hereby created the Invest Georgia Board, which shall exercise the powers and perform the duties prescribed by this article. The exercise by the board of its powers and duties is hereby declared to be an essential state governmental function. The board shall be subject to all laws generally applicable to state agencies and […]
The board’s primary responsibilities shall include: Establishing an investment policy for the selection of a fund administrator; Selecting a fund administrator to administer the provisions of this article; Giving final approval to allocations of designated capital to the venture capital funds selected by the fund administrator; Executing and overseeing the contracts of the fund administrator […]
The fund administrator shall be selected by the board through a transparent open bid process and shall be responsible for administering the Invest Georgia Fund and for making all venture capital fund selections in accordance with the investment policies developed by the board or contained in this article. The fund administrator shall be responsible for […]
The Invest Georgia Fund is created as a separate fund maintained by the board, and moneys shall be expended only as provided in this article. The Invest Georgia Fund shall be capitalized through grants from the Seed-Capital Fund, designated appropriations to the center, and private contributions to the board. The capital raised shall be periodically […]
The Invest Georgia Fund may be funded over a five-year period through guidelines developed by the board. In the first year of the Invest Georgia Fund, the state may provide $10 million to the Invest Georgia Fund; in the second year, $15 million; in the third year, $15 million; in the fourth year, $25 million; […]
As soon as practicable after the board receives contributed capital, the board and each selected venture capital fund that has been allocated designated capital shall enter into a contract under which the allocated amount of designated capital shall be committed by the board to the selected venture capital funds for investment pursuant to this article. […]
Not later than December 31 of each year, each venture capital fund shall report to the board: The amount of designated capital remaining uninvested at the end of the preceding calendar year; All qualified investments made during the preceding calendar year, including the number of employees of each business at the time the qualified investment […]
Designated capital and investment returns resulting from the qualified investments made under this article shall be retained and used to make additional qualified investments in venture capital funds selected by the fund administrator; provided, however, that the Invest Georgia Fund shall receive any and all returns representing the principal portion of designated capital and shall […]
On or before January 1, 2015, and January 1 of each subsequent year, the fund administrator, through the board, shall submit a report on the implementation of this article to the Governor, the Lieutenant Governor, the Speaker of the House of Representatives, and the chairpersons of the Senate Finance Committee and the House Committee on […]
