Governance, Legislative Authority, and Reporting

Governance

Invest Georgia is governed by a five-member Board of Directors appointed by the Governor, Lieutenant Governor and Speaker of the House. The Commissioners of the Georgia Department of Economic Development and Georgia Department of Community Affairs, or their representatives, also serve as non-voting members.

The Board provides oversight of the program and has final approval of Invest Georgia’s venture fund investments. An Executive Director selected by the Board manages day-to-day operations and program implementation.

A third-party administrator conducts due diligence on potential venture funds, provides financial oversight and monitors the investment portfolio under the Board’s direction.

Legislative Authority

The Georgia General Assembly established the Invest Georgia Fund through House Bill 318 in 2013. The law, codified in Chapter 10 of Title 10 of the Official Code of Georgia, provides the legal framework for the Fund and its operations.

The legislation:

• authorized $100 million in state capital funding over five years
• established the Invest Georgia Fund and Board
• defined the Board’s powers and responsibilities
• provided for the selection of a third-party administrator
• defined permitted investments
• established reporting requirements.

Reporting

Each year, Invest Georgia is required to submit an annual report by December 31 to the Governor, Speaker of the House and Lieutenant Governor. The report is then posted to the Invest Georgia website and made accessible to members of the General Assembly.