The chief executive officer of Connecticut Innovations, Incorporated may establish a program to incentivize the formation of at least one new venture capital fund in the state. Connecticut Innovations, Incorporated may invest up to ten million dollars only if private investors invest at least one and one-half times the amount Connecticut Innovations, Incorporated pledges to invest in a new fund. Any such fund shall be subject to the following requirements:
(1) The amounts invested by Connecticut Innovations, Incorporated pursuant to this section shall be invested in start-up and growth stage companies located in the state. Such requirement shall not apply to the amounts invested by private investors pursuant to this section;
(2) The investor or the managing venture capital firm managing such fund shall have an office located in the state; and
(3) Any partner in a fund established under this subdivision may buy, after five years from the date of the establishment of the fund, Connecticut Innovations, Incorporated's equity stake in the fund plus interest at an annual rate agreed upon by the partner and the executive director.
(P.A. 18-178, S. 49.)
History: P.A. 18-178 effective July 1, 2018.
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