Synopsis As Introduced Amends the Technology Development Act. Authorizes the State Treasurer to segregate up to 3% of the Treasurer's investment portfolio in the Technology Development Account IIa. Authorizes investments from the account to provide venture capital to help attract, assist, and retain quality technology businesses in Illinois. Provides that the Treasurer may solicit proposals from entities to manage and be the General Partner of Technology Development Account IIb, a separate fund consisting of investments from private sector investors that must invest, at the direction of the Treasurer, in tandem with TDA IIa. Sets restrictions and conditions. Effective immediately.
Senate Committee Amendment No. 1 Provides that the State Treasurer may segregate a portion of the Treasurer's portfolio, that at no time shall be greater than 2% (instead of 3%) of the portfolio, in the Technology Development Account IIa.
House Committee Amendment No. 1 Provides that any fund created by an Illinois venture capital firm in which the State Treasurer places money from the Technology Development Account IIa ("TDA II-Recipient Fund") shall invest at least twice the aggregate amount of investable capital that is received from the State Treasurer in Illinois companies during the life of the fund. Provides that a TDA II-Recipient Fund shall report certain information to the Treasurer on a quarterly basis. Provides that, if a TDA II-Recipient Fund fails to invest the minimum amount in Illinois companies 180 days after delivery of notice, the Treasurer may elect to terminate any further commitment to make capital contributions to that fund.