(20 ILCS 3501/810-10)
The following terms, whenever used or referred
to in this Article, shall have the following meanings
ascribed to them, except where the context clearly requires otherwise:
(a) "Co-venture investment" means a venture capital or seed capital
by the Authority in qualified securities of an enterprise that is made after or
in conjunction with one or more professional investors that have or are making
equity investments in that enterprise, as provided in this Act. A direct
investment made by the Authority may later be treated as a co-venture upon such
investment made by a professional investor.
(b) "Direct investment" means a venture capital or seed capital investment
the Authority in qualified securities of an enterprise in which no professional
investor or seed capital investor is also making an equity investment.
(c) "Enterprise" means an individual, corporation, partnership, joint
trust, estate, or unincorporated association.
(d) "Professional investor" means any bank, bank holding company, savings
institution, trust company, credit union, insurance company, investment company
registered under the Federal Investment Company Act of 1940, pension or
profit-sharing trust or other financial institution or institutional buyer,
under the Federal Small Business Investment Act of 1958, or any person,
partnership, or other entity whose principal business is making venture capital
investments and whose net worth exceeds $250,000.
(e) "Qualified security" means any note, stock, convertible security,
stock, bond, debenture, evidence of indebtedness, limited partnership interest,
certificate of interest or participation in any profit-sharing agreement,
pre-organization certificate or subscription, transferable share, investment
contract, certificate of deposit for a security, certificate of interest or
participation in a patent or application therefor, or in royalty or other
payments under a patent or application, or, in general, any interest or
instrument commonly known as a "security" or any certificate for, receipt for,
guarantee of, or option, warrant, or right to subscribe to or purchase any of
(f) "Seed capital" means financing in the form of investments in qualified
securities that is provided for applied research, development, testing, and
initial marketing of a technology, product, process, or invention and
associated working capital.
(g) "Seed capital investor" means any person, partnership, corporation,
trust, or other entity making a seed capital investment.
(h) "Director" means the person designated by the Authority to manage the
activities associated with the Illinois Venture Investment Fund.
(i) "Venture capital" means financing in the form of investments in
qualified securities that is provided for the capital needs of a company that
developing a new technology, product, process, or invention.
(Source: P.A. 93-205, eff. 1-1-04.)