Synopsis As Introduced Amends the Technology Development Act. Provides that the State Treasurer may segregate a portion of the Treasurer's State investment portfolio that at no time shall be greater than 5% (rather than 2%) of the portfolio, in the Technology Development Account IIa. Provides further requirements regarding investment in Technology Development Account IIa. Provides that the Treasurer may solicit proposals from entities to manage and be the general partner of a separate fund consisting of investments from private sector investors that must invest, at the direction of the general partner (rather than Treasurer), in tandem with Technology Development Account IIa in a pro-rata portion. Provides that moneys in Technology Development Account IIa may be invested by the State Treasurer to provide venture capital to technology businesses, including co-investments. Provides that in no case shall more than 15% (rather than 10%) of the capital in the Technology Development Account IIa be invested in firms based outside of Illinois. Requires any Technology Development Account II-Recipient Fund to report the specified additional information to the Treasurer on a quarterly or annual basis as determined by the Treasurer. Removes language prohibiting the State Treasurer from investing more than one-third of Technology Development Account II in any given calendar year. Modifies the purpose of the Act. Makes conforming and technical changes. Defines terms.
Senate Committee Amendment No. 1 Provides that the State Treasurer shall (rather than may) segregate a portion of the Treasurer's State investment portfolio, that at no time shall be greater than 5% of the portfolio, in the Technology Development Account IIa (TDA IIa). Provides that the aggregate investment in TDA IIa and the aggregate commitment of investment capital in a TDA II-Recipient Fund shall at no time be greater than 5% of the State's investment portfolio (removes language specifying at the time of deposit). Specifies that all or a portion of the moneys in TDA IIa shall (rather than may) be invested by the State Treasurer to provide venture capital to technology businesses, including co-investments, seeking to locate, expand, or remain in Illinois by placing money with Illinois venture capital firms for investment by the venture capital firms in technology businesses. Provides that the investment of the State Treasurer in any fund created by an Illinois venture capital firm in which the State Treasurer places money shall not exceed 15% of the total TDA IIa account balance (currently, shall not exceed 15% of the total investments in the fund). Adds an immediate effective date.