AB68,1368,1411
1. All moneys paid to the investment manager under par. (a) to make
12investments shall be committed for investment to venture capital funds, subject to
13the requirements of this section, no later than 60 months after the creation of the
14fund of funds under sub. (2) (a).
AB68,1368,1715
2. No more than $25,000,000 of the total moneys paid to the investment
16manager under par. (a) to make investments may be invested in any single venture
17capital fund.
AB68,1368,1918
3. At least 20 percent of the investments made through the program shall be
19directed to any combination of the following:
AB68,1368,2120
a. Businesses located in parts of this state that typically do not receive
21significant investment from venture capital funds.
AB68,1368,2422
b. Businesses that are at least 51 percent owned by one or more members of a
23racial minority group and the management and daily business operations of which
24are controlled by one or more members of a racial minority group.
AB68,1369,3
1c. Businesses that are at least 51 percent owned by one or more women and the
2management and daily business operations of which are controlled by one or more
3women.
AB68,1369,44
(c) No investment may be made through the program in a lobbying or law firm.
AB68,1369,9
5(4) Investment manager. The oversight board shall contract with an
6investment manager who meets the qualifications established by the corporation.
7The contract shall establish the investment manager's compensation, including any
8management fee. A management fee may not annually exceed 1 percent of the total
9assets under management in the program established under sub. (2).
AB68,1369,13
10(5) Venture capital fund requirements. The investment manager shall
11contract with each venture capital fund that receives moneys through the program
12established under sub. (2). Each contract shall require the venture capital fund to
13do all of the following:
AB68,1369,1614
(a) Make new investments in an amount equal to the amount of moneys it
15receives through the program in one or more businesses who are headquartered in
16this state and whose operations are primarily in this state.
AB68,1369,2317
(b) At least match any moneys it receives through the program and invests in
18a business described in par. (a) with an investment in that business of moneys the
19venture capital fund has raised from sources other than the program. The
20investment manager shall ensure that, on average, for every $1 a venture capital
21fund receives through the program and invests in a business described in par. (a), the
22venture capital fund invests $2 in that business from sources other than the
23program.
AB68,1369,2524
(c) Provide to the investment manager the information necessary for the
25investment manager to complete the reports under sub. (6) (a) and (c).
AB68,1370,4
1(6) Reports of the investment manager; public disclosures. (a) Annually, no
2later than 120 days after the end of the investment manager's fiscal year, the
3investment manager shall submit to the corporation a report for that fiscal year that
4includes all of the following:
AB68,1370,65
1. An audit of the investment manager's financial statements performed by an
6independent certified public accountant.
AB68,1370,87
2. The investment manager's internal rate of return from investments made
8through the program established under sub. (2).
AB68,1370,109
3. For each venture capital fund that contracts with the investment manager
10under sub. (5), all of the following:
AB68,1370,1111
a. The name and address of the venture capital fund.
AB68,1370,1312
b. The amounts invested in the venture capital fund through the program
13established under sub. (2).
AB68,1370,1514
c. An accounting of any fee the venture capital fund paid to itself or any
15principal or manager of the venture capital fund.
AB68,1370,1716
d. The venture capital fund's average internal rate of return on its investments
17of the moneys it received through the program established under sub. (2).
AB68,1370,1918
4. For each business in which a venture capital fund held an investment of
19moneys received through the program established under sub. (2), all of the following:
AB68,1370,2020
a. The name and address of the business.
AB68,1370,2121
b. A description of the nature of the business.
AB68,1370,2222
c. The identification of the venture capital fund.
AB68,1370,2423
d. The amount of the investment and the amount invested by the venture
24capital fund from funding sources other than the program.
AB68,1371,2
1e. The internal rate of return realized by the venture capital fund upon the
2venture capital fund's exit from the investment in the business.
AB68,1371,63
f. A statement of the number of employees the business employed when the
4venture capital fund first invested moneys received through the program and the
5number of employees the business employed on the first day and last day of the
6investment manager's fiscal year.
AB68,1371,97
(b) No later than 10 days after it receives the investment manager's report
8under par. (a), the corporation shall submit the report to the chief clerk of each house
9of the legislature, for distribution to the legislature under s. 13.172 (2).
AB68,1371,1110
(c) Quarterly, the investment manager shall submit to the oversight board a
11report for the preceding quarter that includes all of the following: