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

(1)  Mobilize equity and near-equity capital forinvestment in a broad variety of venture capital partnerships in diversifiedindustries;

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

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

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

(5)  Accomplish the foregoing purposes in areturn-driven manner with the goal of minimizing any adverse impact on statetax revenues.

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