(b) At least annually, the investment manager shall pay any moneys held under par. (a) to the secretary for deposit into the general fund until the investment manager has paid a total of $25,000,000 under this paragraph.
(c) After the investment manager satisfies par. (b), the investment manager shall pay 90 percent of its gross proceeds from investments of the moneys designated under sub. (5) (b) 1. to the secretary for deposit into the general fund.
(7) Reports of the investment manager; public disclosures. (a) Annually, within 120 days after the end of the investment manager's fiscal year, the investment manager shall submit a report to the department for that fiscal year that includes all of the following:
1. An audit of the investment manager's financial statements performed by an independent certified public accountant.
2. The investment manager's internal rate of return from investments under sub. (5) (b).
3. For each venture capital fund that contracts with the investment manager under sub. (5) (d), all of the following:
a. The name and address of the venture capital fund.
b. The amounts invested in the venture capital fund under sub. (5) (b).
c. An accounting of any fee the venture capital fund paid to itself or any principal or manager of the venture capital fund.
d. The venture capital fund's average internal rate of return on its investments of the moneys it received under sub. (5) (b).
4. For each business in which a venture capital fund held an investment of moneys the venture capital fund received under sub. (5) (b), all of the following:
a. The name and address of the business.
b. A description of the nature of the business.
c. An identification of the venture capital fund that made the investment in the business.
d. The amount of each investment in the business and the amount invested by the venture capital fund from funding sources other than the investment manager.
e. The internal rate of return realized by the venture capital fund upon the venture capital fund's exit from the investment in the business.
f. A statement of the number of employees the business employed when the venture capital fund first invested moneys in the business that the venture capital fund received under sub. (5) (b), the number of employees the business employed on the first day of the investment manager's fiscal year, and the number of employees the business employed on the last day of the investment manager's fiscal year.
(b) No later than 10 days after it receives the investment manager's report under par. (a), the department shall submit the report to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2).
(c) Quarterly, the investment manager shall submit a report to the department for the preceding quarter that includes all of the following:
1. An identification of each venture capital fund under contract with the investment manager under sub. (5) (d).
2. An identification of each business in which a venture capital fund held an investment of moneys the venture capital fund received under sub. (5) (b) and a statement of the amount of the investment in each business that separately specifies the amount of moneys designated under sub. (5) (b) 1. that were contributed to the investment.
3. A statement of the number of employees the business employed when the venture capital fund first invested moneys in the business that the venture capital fund received under sub. (5) (b) and the number of employees the business employed at the end of the quarter.
(d) The department shall make the investment manager's quarterly report under par. (c) readily accessible to the public on the department's Internet site.
(8) Progress reports. In 2015 and 2018, no later than March 1, the department shall submit reports to the joint committee on finance that include all of the following:
(a) A comprehensive assessment of the performance to date of the investment program under this section.
(b) Any recommendations the department has for improvement of the investment program under this section and the specific actions the department intends to take or proposes to be taken to implement those recommendations.
(c) Any recommendations the investment board has for improvement of the investment program under this section and the specific actions the investment board proposes to be taken to implement those recommendations.
(9) Exemption from low bid and contractual services requirements. Sections 16.705 and 16.75 do not apply to this section.
41,2
Section
2. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated:
-
See PDF for table 
41,3
Section
3. 20.505 (1) (fm) of the statutes is created to read:
20.505 (1) (fm) Fund of funds investment program. The amounts in the schedule for the venture capital investment program under s. 16.295.
41,4
Section
4. 25.17 (72) of the statutes is created to read:
25.17 (72) Appoint the board's representatives to the committee under s. 16.295 (3) (a).
