SB 878

This bill requires the investment manager of the Badger fund of funds to do all

of the following: 1) hold in escrow gross proceeds from its investments of $25,000,000

received in fiscal year 2013-14 and its investments of $25,000,000 received in fiscal

year 2023-24 until the manager has allocated 90 percent of the gross proceeds to

investments in venture capital funds headquartered in this state; and 2) provide a

progress report no later than March 1, 2024, to the joint committee on finance.

This bill also provides that the investment manager's management fee may not

exceed 1 percent of the sum of the following: the $25,000,000 received by the

investment manager from the state in fiscal year 2013-14 and the first $5,000,000

raised from other sources; the $25,000,000 received by the investment manager from

the state in fiscal year 2023-24; and any amounts reinvested by the Badger fund of

funds through the proceeds of its prior investments.