On April 29, 2013, Governor Nathan Deal signed into law House Bill 318 which enabled the creation of the Invest Georgia Fund.
The Invest Georgia Fund will be $100M in size and will be invested into Georgia companies over a five year period. Most likely, the Invest Georgia Fund will be funded in fiscal years 2104 – 2018.
The Invest Georgia fund will be a state-based investment fund that will, in turn, allocate capital to Georgia-based venture capital and private equity firms to invest in Georgia-based companies.
A seven person Invest Georgia board will be appointed by Governor Deal., Lt. Governor Cagle and House Speaker David Ralston to oversee the program and to help select an independent fund administrator which will be tasked with helping to select the Georgia-based investment firms.
The fund administrator is expected to consist of experienced investment professionals and will be responsible for administering the Invest Georgia Fund and responsible for selecting a group of Georgia based venture capital and/or private equity funds in two categories, early stage venture capital funds and growth stage venture capital funds. 40% of the monies in the Invest Georgia Fund will be designated to the Georgia-based seed/early stage funds and 60% of the monies in the Invest Georgia Fund will be designated to the Georgia-based growth stage funds.
Congratulations to all involved!