Summary as introduced:
Venture capital investments; investment return guarantees. Creates a program under which the Commonwealth makes investment return guarantees for certain investments in venture capital funds that invest in technology firms located in the Commonwealth. The Virginia Economic Development Partnership Authority shall administer the program.
A venture capital fund eligible under the program must have an office in the Commonwealth, an established history of investing in businesses or industries that are in the early stages of development, and must enter into a contract with the Authority under which it promises to use its best efforts to invest three times the amount of principal it receives in technology firms located in Virginia. Pension funds, endowments, and other institutions investing in eligible venture capital funds shall receive investment return guarantees from the Commonwealth. The Commonwealth guarantees a 10 percent average annual rate of return over a 10-year horizon to such institutions incorporated or having administrative headquarters located in the Commonwealth. The Commonwealth guarantees to all other institutions that they will not lose any of their principal investment over the 10-year period. The financial guarantees are in the form of supplemental appropriations to such institutions such that the guaranteed rates of return are realized.Full text:
12/09/04 House: Prefiled & ordered printed; offered 01/12/05 051260472 pdf | impact statement
12/09/04 House: Prefiled & ordered printed; offered 01/12/05 051260472
12/09/04 House: Referred to Committee on General Laws
01/12/05 House: Assigned to General Laws sub-committee: Subcommittee #4...
01/27/05 House: Reported from General Laws with sub (22-Y 0-N)
01/27/05 House: Referred to Committee on Appropriations
01/31/05 House: Assigned to App. sub-committee: Commerce, Agriculture &...
02/02/05 House: Tabled in Appropriations (24-Y 0-N)