[§211G-3]  Findings and purpose.  A
critical shortage of seed and venture capital resources exists in the State and
that shortage is impairing the growth of commerce in the State.  A need exists
to increase the availability of venture equity capital for emerging, expanding,
relocating, and restructuring enterprises in the State, and an increase in
return-driven, venture capital investments in such enterprises in the State
will help to diversify the State's economic base.  Accordingly, this chapter is
enacted to:



(1)  Mobilize equity and near-equity capital for
investment in a broad variety of venture capital partnerships in diversified
industries;



(2)  Retain the private sector culture of focusing on
rate of return in the investing process;



(3)  Secure the services of high quality managers in
the venture capital industry;



(4)  Enhance the venture capital culture and
infrastructure in the State so as to increase venture capital investment and
promote venture capital investing within the State; and



(5)  Accomplish the foregoing purposes in a
return-driven manner with the goal of minimizing any adverse impact on state
tax revenues.



The legislature finds that the creation of a
state private investment fund, as provided under this chapter, serves an
important public purpose by answering the need to increase venture capital and
expand the growth of commerce in the State. [L 2004, c 215, pt of §1]