La. Admin. Code tit. 19 § VII-2301

Current through Register Vol. 50, No. 11, November 20, 2024

Section VII-2301 - Eligibility

A. Eligible applicants are:

1. venture capital funds with a minimum of $5,000,000 of privately raised capital for risk investment under management with:

a. proven, experienced management recognized in the venture capital community. The management should have significant management experience in risk investments of the types and volumes contemplated by the applicant venture capital funds;

b. a Louisiana-based production office. The production office shall have permanent employees employed by the fund capable of evaluating potential investment opportunities;

c. funds without headquarters located in Louisiana must have a minimum of one-year operating history;

2. for the purposes of this Chapter, Risk Investment means an investment which may provide equity through the purchase of common stock, preferred stock, partnership rights or any other equity instrument. Additionally it may mean debt positions which may act as equity or have equity features such as subordinated debt, debentures or other such instruments used in conjunction with features intended to yield significant capital appreciation.

La. Admin. Code tit. 19, § VII-2301

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 15:463 (June 1989), amended LR 23:558 (May 1997).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312(C).