* Section 991.11, Wisconsin Statutes: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”

  Date of enactment: February 29, 2024
2023 Assembly Bill 890   Date of publication*: March 1, 2024

2023 WISCONSIN ACT 98

An Act to repeal 16.295 (4) (a) 2. and 16.295 (6) (b); to consolidate, renumber and amend 16.295 (4) (a) (intro.) and 1.; to amend 16.295 (5) (c) 3., 16.295 (5) (d) 1., 16.295 (5) (d) 4., 16.295 (6) (a), 16.295 (7) (a) 2., 16.295 (7) (a) 3. (intro.), 16.295 (7) (a) 3. b., 16.295 (7) (a) 3. d., 16.295 (7) (a) 4. (intro.), 16.295 (7) (a) 4. f., 16.295 (7) (c) 1., 16.295 (7) (c) 2., 16.295 (7) (c) 3. and 16.295 (8) (intro.); to repeal and recreate 16.295 (6) (c); and to create 16.295 (6) (d) of the statutes; relating to: fund of funds investment program.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

98,1 Section 1. 16.295 (4) (a) (intro.) and 1. of the statutes, as affected by 2023 Wisconsin Act 19, are consolidated, renumbered 16.295 (4) (a) and amended to read:

16.295 (4) (a) Subject to sub. (3), the department shall contract with the investment manager. The contract shall establish the investment manager’s compensation, including any management fee. Any management fee may not exceed the following: 1. Annually, for no more than 4 years, on an annual basis, 1 percent of the total moneys designated under sub. (5) (b) 1. and 4., raised under sub. (5) (b) 3., and reinvested under sub. (6) (c).

98,2 Section 2. 16.295 (4) (a) 2. of the statutes, as created by 2023 Wisconsin Act 19, is repealed.

98,3 Section 3. 16.295 (5) (c) 3. of the statutes, as created by 2023 Wisconsin Act 19, is amended to read:

16.295 (5) (c) 3. Of the moneys designated under par. (b) 4., the investment manager shall commit all of those moneys to at least 4 investments in venture capital funds headquartered in this state within 24 months after the date the investment manager receives the moneys.

98,4 Section 4. 16.295 (5) (d) 1. of the statutes, as affected by 2023 Wisconsin Act 19, is amended to read:

16.295 (5) (d) 1. Make new investments in an amount equal to the moneys it receives under par. (b) in one or more businesses that are headquartered in this state and employ at least 50 percent of their full-time employees, including any subsidiary or other affiliated entity, in this state, and invest at least one-half of those moneys in one or more businesses that employ fewer than 150 full-time employees, including any subsidiary or other affiliated entity, when the venture capital fund first invests moneys in the business under this section. The venture capital fund’s contract with a business in which the venture capital fund makes an investment under this subdivision shall require that, if within 3 years after the venture capital fund makes that its initial investment, the business relocates its headquarters outside of this state or fails to employ at least 50 percent of its full-time employees, including any subsidiary or other affiliated entity, in this state, the business shall promptly pay to the venture capital fund an amount equal to the total amount of moneys designated under par. (b) 1. and 4. that the venture capital fund invested in the business. The venture capital fund shall reinvest those moneys in one or more businesses that are eligible to receive an investment under this subdivision, subject to the requirements of this section.

98,5 Section 5. 16.295 (5) (d) 4. of the statutes is amended to read: