AB181-ASA1,7,2117 3. Invest all of the moneys it receives under par. (b) in businesses in the
18agriculture, information technology, engineered products, advanced manufacturing,
19medical devices, or medical imaging industry and attempt to ensure that all of those
20moneys are invested in businesses that are diverse with respect to geographic
21location within this state.
AB181-ASA1,8,222 4. At least match any moneys it receives under par. (b) and invests in a business
23with an investment in that business of moneys the venture capital fund has raised
24from sources other than the investment manager. The investment manager shall
25ensure that, on average, for every $1 a venture capital fund receives under par. (b)

1and invests in a business, the venture capital fund invests $2 in that business from
2sources other than the investment manager.
AB181-ASA1,8,53 5. Provide to the investment manager the information necessary for the
4investment manager to complete the annual report under sub. (7) (a) and the
5quarterly report under sub. (7) (c).
AB181-ASA1,8,96 6. Disclose to the investment manager and the department any interest that
7the venture capital fund or an owner, stockholder, partner, officer, director, member,
8employee, or agent of the venture capital fund holds in a business in which the
9venture capital fund invests or intends to invest moneys received under par. (b).
AB181-ASA1,8,1310 (e) The investment manager's profit-sharing agreement with each venture
11capital fund that receives moneys under par. (b) shall be on terms that are
12substantially equivalent to the terms applicable for other funding sources of the
13venture capital fund.
AB181-ASA1,8,17 14(6) Special requirements for investments of moneys contributed by the
15state.
(a) The investment manager shall hold in an escrow account its gross proceeds
16from all investments of the moneys designated under sub. (5) (b) 1. until the
17investment manager satisfies par. (b).
AB181-ASA1,8,2018 (b) At least annually, the investment manager shall pay any moneys held under
19par. (a) to the secretary for deposit into the general fund until the investment
20manager has paid a total of $25,000,000 under this paragraph.
AB181-ASA1,8,2321 (c) After the investment manager satisfies par. (b), the investment manager
22shall pay 90 percent of its gross proceeds from investments of the moneys designated
23under sub. (5) (b) 1. to the secretary for deposit into the general fund.
AB181-ASA1,9,2 24(7) Reports of the investment manager; public disclosures. (a) Annually,
25within 120 days after the end of the investment manager's fiscal year, the investment

1manager shall submit a report to the department for that fiscal year that includes
2all of the following:
AB181-ASA1,9,43 1. An audit of the investment manager's financial statements performed by an
4independent certified public accountant.
AB181-ASA1,9,65 2. The investment manager's internal rate of return from investments under
6sub. (5) (b).
AB181-ASA1,9,87 3. For each venture capital fund that contracts with the investment manager
8under sub. (5) (d), all of the following:
AB181-ASA1,9,99 a. The name and address of the venture capital fund.
AB181-ASA1,9,1010 b. The amounts invested in the venture capital fund under sub. (5) (b).
AB181-ASA1,9,1211 c. An accounting of any fee the venture capital fund paid to itself or any
12principal or manager of the venture capital fund.
AB181-ASA1,9,1413 d. The venture capital fund's average internal rate of return on its investments
14of the moneys it received under sub. (5) (b).
AB181-ASA1,9,1615 4. For each business in which a venture capital fund held an investment of
16moneys the venture capital fund received under sub. (5) (b), all of the following:
AB181-ASA1,9,1717 a. The name and address of the business.
AB181-ASA1,9,1818 b. A description of the nature of the business.
AB181-ASA1,9,2019 c. An identification of the venture capital fund that made the investment in the
20business.
AB181-ASA1,9,2221 d. The amount of each investment in the business and the amount invested by
22the venture capital fund from funding sources other than the investment manager.
AB181-ASA1,9,2423 e. The internal rate of return realized by the venture capital fund upon the
24venture capital fund's exit from the investment in the business.
AB181-ASA1,10,5
1f. A statement of the number of employees the business employed when the
2venture capital fund first invested moneys in the business that the venture capital
3fund received under sub. (5) (b), the number of employees the business employed on
4the first day of the investment manager's fiscal year, and the number of employees
5the business employed on the last day of the investment manager's fiscal year.
AB181-ASA1,10,86 (b) No later than 10 days after it receives the investment manager's report
7under par. (a), the department shall submit the report to the chief clerk of each house
8of the legislature, for distribution to the legislature under s. 13.172 (2).
AB181-ASA1,10,109 (c) Quarterly, the investment manager shall submit a report to the department
10for the preceding quarter that includes all of the following:
AB181-ASA1,10,1211 1. An identification of each venture capital fund under contract with the
12investment manager under sub. (5) (d).
AB181-ASA1,10,1713 2. An identification of each business in which a venture capital fund held an
14investment of moneys the venture capital fund received under sub. (5) (b) and a
15statement of the amount of the investment in each business that separately specifies
16the amount of moneys designated under sub. (5) (b) 1. that were contributed to the
17investment.
AB181-ASA1,10,2118 3. A statement of the number of employees the business employed when the
19venture capital fund first invested moneys in the business that the venture capital
20fund received under sub. (5) (b) and the number of employees the business employed
21at the end of the quarter.
AB181-ASA1,10,2322 (d) The department shall make the investment manager's quarterly report
23under par. (c) readily accessible to the public on the department's Internet site.
AB181-ASA1,11,3
1(8) Progress reports. In 2015 and 2018, no later than March 1, the department
2shall submit reports to the joint committee on finance that include all of the
3following:
AB181-ASA1,11,54 (a) A comprehensive assessment of the performance to date of the investment
5program under this section.
AB181-ASA1,11,86 (b) Any recommendations the department has for improvement of the
7investment program under this section and the specific actions the department
8intends to take or proposes to be taken to implement those recommendations.
AB181-ASA1,11,119 (c) Any recommendations the investment board has for improvement of the
10investment program under this section and the specific actions the investment board
11proposes to be taken to implement those recommendations.
AB181-ASA1,11,13 12(9) Exemption from low bid and contractual services requirements. Sections
1316.705 and 16.75 do not apply to this section.
AB181-ASA1,2 14Section 2. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
15the following amounts for the purposes indicated: - See PDF for table PDF
AB181-ASA1,3 16Section 3. 20.505 (1) (fm) of the statutes is created to read:
AB181-ASA1,11,1817 20.505 (1) (fm) Fund of funds investment program. The amounts in the
18schedule for the venture capital investment program under s. 16.295.
AB181-ASA1,4 19Section 4. 25.17 (72) of the statutes is created to read:
AB181-ASA1,12,2
125.17 (72) Appoint the board's representatives to the committee under s.
216.295 (3) (a).
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