25.17(71)(a)2.2. The commitment of the venture capital investment firms to making venture capital investments in health care, biotechnology, and other technological industries. 25.17(71)(a)3.3. The willingness of the venture capital investment firms to make at least 75 percent of the investments in businesses headquartered in this state. 25.17(71)(a)4.4. Whether the venture capital investment firms have a place of business in this state. 25.17(71)(a)5.5. The overall experience of the venture capital investment firms in making investments in businesses that are in the venture capital stage. 25.17(71)(a)6.6. The relationships that the venture capital investment firms have with technology transfer organizations, such as the Wisconsin Alumni Research Foundation, Inc. 25.17(71)(a)7.7. The ability of the venture capital investment firms to do lead and follow-on investments. 25.17(71)(b)(b) Nothing in this subsection limits the authority of the board to make any other investments that are otherwise authorized by law or restricts the authority of the board or any venture capital investment firm to make investments in any area of this state. 25.17 HistoryHistory: 1971 c. 41 s. 12; 1971 c. 74; 1971 c. 100 s. 23; 1971 c. 125 s. 522 (1); 1971 c. 164; 1971 c. 214 s. 147; 1971 c. 260 s. 92 (3) to (5); 1973 c. 117, 137, 151; 1973 c. 208 s. 17; 1973 c. 209, 333, 336; 1975 c. 26, 27, 39, 118, 147, 164, 180, 189, 200, 422; 1977 c. 29 ss. 439 to 439f, 1654 (1); 1977 c. 31, 107, 377, 418, 423; 1979 c. 32; 1979 c. 34 ss. 705 to 707b, 2102 (56) (a); 1979 c. 102; 1979 c. 109 s. 16; 1979 c. 221; 1979 c. 318 ss. 1 to 3; 1979 c. 361 s. 113; 1981 c. 20, 86; 1981 c. 96 ss. 18 to 21, 67; 1981 c. 169, 386; 1983 a. 27; 1983 a. 36 ss. 31, 96 (4); 1983 a. 81 s. 11; 1983 a. 83 s. 20; 1983 a. 142, 189, 192, 368, 410; 1985 a. 25, 29, 53, 120; 1985 a. 332 s. 251 (1); 1987 a. 27, 38, 119, 186, 252, 399; 1989 a. 13, 31, 64, 187, 307, 335, 359, 366; 1991 a. 32, 38, 39, 152, 174, 221, 269, 315; 1993 a. 16, 112, 263, 477; 1995 a. 27 ss. 1394m to 1396, 9116 (5); 1995 a. 56, 213, 227, 274, 403; 1997 a. 27, 35, 191; 1999 a. 9, 11, 63, 65, 83, 167, 196; 2001 a. 7, 13, 16, 92, 104, 109; 2003 a. 33, 35, 48, 91, 111, 299; 2005 a. 1, 22, 25, 74, 153, 172, 335, 441, 478; 2007 a. 20, 97, 125, 155, 170, 212, 226; 2009 a. 2, 28, 89, 190; 2011 a. 32, 166, 198, 257; 2013 a. 20; 2013 a. 36 s. 236m; 2013 a. 41; 2015 a. 55; 2015 a. 197 s. 51; 2015 a. 334 ss. 97, 100; 2017 a. 59; 2019 a. 9, 110; 2021 a. 177, 228, 239; 2021 a. 240 s. 30; 2023 a. 12, 19, 40. 25.17 AnnotationThe State of Wisconsin Investment Board is an independent going concern not protected by sovereign immunity. Bahr v. SWIB, 186 Wis. 2d 379, 521 N.W.2d 152 (Ct. App. 1994). 25.17 AnnotationThe commingling of common stocks of various employee trust funds is not prohibited by sub. (3) (f). 59 Atty. Gen. 149.
25.17 AnnotationThe investment board has authority, under sub. (8), to contribute to a private improvement association for street improvements, if the improvements will directly benefit the board’s property. 65 Atty. Gen. 85.
25.17 AnnotationThe State of Wisconsin Investment Board (SWIB) has the power to make investments that meet the standard of prudence under s. 25.15 (2), even if those investments are not specifically listed in this chapter. Prior to making investments other than the types enumerated in this chapter, SWIB is not required to make a threshold finding that investing solely in the “legal list” would not meet the standard of prudence. The statutory standard for prudence remains the same whether SWIB is investing in an enumerated investment, or one that is not enumerated. Because the standard of prudence, however, takes into account the trustees’ powers to manage the funds, SWIB’s expanded powers are a relevant factor in evaluating whether SWIB has met that standard. OAG 11-08. 25.17 AnnotationThe State of Wisconsin Investment Board (SWIB) has the statutory authority to issue debt as part of its broad management authority over the core retirement investment trust fund, provided that SWIB satisfies the prudent person and other standards listed in s. 25.15 (2). The statutory standards apply the same way to issuing debt as a management tool as they apply to any other strategy. OAG 2-22. 25.1825.18 Additional powers of board. 25.18(1)(1) In addition to the powers and duties enumerated in s. 25.17, but subject to s. 25.183, and notwithstanding any other statute except s. 25.183, the board may: 25.18(1)(a)(a) Employ legal or investment counsel in any matters arising out of the scope of its investment authority or operations. Any expense of counsel so employed shall be borne by the fund for which the services shall be furnished. 25.18 NoteNOTE: Par. (a) is shown as amended by 2021 Wis. Acts 177 and 267 and as merged by the legislative reference bureau under s. 13.92 (2) (i). 25.18(1)(b)(b) Execute instruments in which it agrees to indemnify against its failure to endorse payments of any kind which may be made upon notes, bonds, debentures or other securities or to indemnify the issuer of securities, whether it be the obligor thereon or a trustee or agent, against any loss which might be incurred as the result of the issuance or reissuance of securities to replace securities which have been lost, stolen, mutilated or destroyed. 25.18(1)(c)(c) Secure insurance against burglary, robbery, theft or any other risks relating to any of the securities, properties or other investments owned or held by the board or any of the funds or trusts under its management. The board shall pay the costs of such insurance from the current income of the funds or trusts benefiting from the insurance. 25.18(1)(d)(d) Liquidate or cause to be liquidated any corporation 100 percent of whose common stock is owned by the board, or operate such corporation until it can be liquidated to recoup the investment of the board, but such period shall not exceed 5 years. 25.18(1)(e)(e) Take such action as may be necessary to make investments in mortgage loans or in the purchase of interests in real estate in any other state or in Canada, including but not excluding because of enumeration, qualifying to do business, filing reports, paying franchise, license or other fees and taxes, designating agents, designating an office and subjecting itself to suit. 25.18(1)(f)(f) Improve, maintain, occupy, furnish, equip, supply, and repair any building or other structure or premises which it owns in fee or in which it owns a beneficial or leasehold interest and it shall have exclusive authority to make such agreements and enter into such contracts as it deems necessary for such purpose. All noncapital costs under this paragraph shall be charged to the current income accounts of the funds having an interest in the building, structure, or premises. 25.18 NoteNOTE: Par. (f) is shown as amended by 2021 Wis. Acts 177 and 267 and as merged by the legislative reference bureau under s. 13.92 (2) (i). 25.18(1)(g)(g) Engage in financial transactions whereby bearer securities issued or guaranteed by the federal government or any of its agencies, which are owned by the board, are delivered to reputable and financially responsible dealers in the securities under an agreement which provides: 25.18(1)(g)1.1. For the replacement of the securities with securities of the same kind and amount upon demand by the board; 25.18(1)(g)2.2. For the payment to the board by the dealer of a commission, based upon the amount of the securities, for the period of time between the delivery of the securities to the dealer and the dealer’s replacement of the securities; and 25.18(1)(g)3.3. For the pledge and delivery by the dealer to the board of other securities issued or guaranteed by the federal government or any of its agencies, having a market value at the time of the pledge equal to at least the market value of the delivered securities, to guarantee the replacement of the securities. 25.18(1)(h)(h) Sell stock, debentures or other securities which it has the right to acquire upon the exercise of conversion rights then owned by it.