Board Meeting Minutes: December 2015

Following notice duly given, including notice to the public published in the Fulton County Daily Report, a meeting of the Invest Georgia Board (the “Board”) was held via teleconference on December 3, 2015 at 10:00 a.m. All members of the Board were in attendance, including William D. (Bill) Young (Chairman), David G. Hanna, A.D. Frazier, Derek Smith and Charles B. (Charlie) Thompson. Also in attendance were Knox Massey, Executive Director, John Zamer from Jones Day, and…

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Invest Georgia End of Year Report

The Invest Georgia Program (IG Fund, LLC), created by amending Chapter 10 of Title 10 of the OCGA, commenced operations in the first quarter of 2015 with the receipt of the first tranche of capital, $10,000,000. Thereafter, the Executive Director and the Invest Georgia Board conducted a transparent, open bid process to select a Fund Administrator. LCG Associates was selected to serve as the Fund Administrator as of August, 2015 and will hereby be referred to as “Investment Consultant”. After assuming its responsibilities, the Investment Consultant screened qualifying funds and chose a venture capital fund candidate for further evaluation and due diligence. The information gathered in support of an investment recommendation was submitted to the Executive Director, who reviewed and later convened a Board meeting. The first investment for the Invest Georgia Fund was approved December 3, 2015.

Read the full report here…

LCG Associates Selected as Investment Consultant

The Invest Georgia Board today announced the selection of LCG Associates as the program’s investment consultant. The Atlanta-based firm was selected through a Request For Proposal process and was chosen from a narrowed pool of 3 qualified applicants. LCG Associates was appointed for a one-year term commencing August 1, 2015.

“We are very pleased to be working with LCG, which after a lengthy and thoughtful vetting process, we believe is the best-suited partner for the IG program,” said Charles B. Thompson, board member and Principal at Eco-Capital Advisors. “LCG has demonstrated a successful track record working with a select number of blue chip clients and we feel confident in the firm’s purposeful approach and ability to help us strengthen Georgia’s entrepreneur community.”

One of the oldest independent investment consulting firms in the country, LCG is solely owned by active employees and intentionally maintains a low client-consultant ratio.

“Our philosophy with all of our clients is to build true partner relationships,” said Edward F. Johnson, LCG President and CEO. “It is our goal to support Invest Georgia in expanding opportunities for Georgia-based businesses which in turn enhances the state’s overall economic portfolio.”

According to the guidelines set forth by legislation establishing the Invest Georgia Program, the investment consultant will work in tandem with the program’s executive director to:

  • Establish investment policy and guidelines for selecting Georgia-based, growth and early stage venture capital funds;
  • Source and select investments that fit established criteria and conduct due diligence on Georgia-based venture capital funds;
  • Document due diligence efforts;
  • Provide recommendations to the Executive Director and Board of Directors;
  • Advise on performance of the selected funds;
  • Assist in reporting to the legislature, as required by law, on investments in support of Georgia-based business enterprises.

About Invest Georgia
Invest Georgia is a state-based fund of funds that improves success opportunities for Georgiabased businesses incubated and growing within the state. Established by the Georgia General Assembly in 2013, the program fosters innovators and enables entrepreneurs. Early and growth stage companies almost always encounter a capital access problem between initial business funding and institutional expansion funding. The Invest Georgia program creates an environment where companies are encouraged in bridging that gap.

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Board Meeting Minutes: April 2015

Following notice duly given, including notice to the public duly published in the Fulton County Daily Report, a meeting of the Invest Georgia Board (the “Board”) was held via teleconference on April 17, 2015 at 10:00 a.m. Members of the Board in attendance were William D. (Bill) Young, A.D. Frazier and Charles B. (Charlie) Thompson. Also in attendance were Knox Massey, Executive Director, and attorney David Phillips from Jones Day.

Read full minutes here

Board Meeting Minutes: March 2015

Invest Georgia Board Minutes of a Meeting of the Board on March 24, 2015

Following notice duly given, a meeting of the Invest Georgia Board (the “Board”) was held at the offices of Jones Day in Atlanta, Georgia, on March 24, 2015 at 9:30 a.m. Members of the Board attending in person were William D. (Bill) Young, A.D. Frazier, David G. Hanna and Charles B. (Charlie) Thompson. Also in attendance was Knox Massey, the Executive Director of the Invest Georgia Fund, and for a portion of the meeting from Jones Day, attorneys John E. Zamer and David Phillips.

Read full minutes here…

Board Meeting Minutes: December 2014

Invest Georgia Board Minutes of a Meeting of the Board on December 3, 2014

Following notice duly given, a meeting of the Invest Georgia Board (the “Board”) was held at the offices of Jones Day in Atlanta, Georgia, on December 3, 2014 at 10:00 a.m. Members of the Board attending in person were William D. (Bill) Young, A.D. Frazier, David G. Hanna and Charles B. (Charlie) Thompson. Also in attendance were Casey Cagle, the Lt. Governor of the State of Georgia, Cobern Epting from Mr. Cagle’s office, Knox Massey, Brad Alexander of McGuire Woods Consulting, and from Jones Day, attorneys John E. Zamer and David Phillips.

Read full minutes here

Notice of Invest Georgia Board Meeting

Pursuant to O.C.G.A. § 50-14-1(d)(2), notice is hereby given to the general public that Invest Georgia Board, established pursuant to O.C.G.A § 10-10-12, will hold a meeting, which is not a regular meeting, on April 17, 2015, at 10:00 AM, to be held by telephone conference call. For public access to this meeting, at the scheduled date and time, dial into the telephone conference line at (712) 775-7031, and when prompted, enter 416 090 990 followed by the pound (#) key. This 8th day of April, 2015.

AGENDA FOR APRIL 17, 2015 MEETING OF INVEST GEORGIA BOARD

1. Consideration for approval of form of minutes for December 3, 2014, meeting of the Invest Georgia Board.

2. Consideration for approval of form of minutes for March 24, 2015, meeting of the Invest Georgia Board.

3. Discussion of applicants for Fund Administrator (as defined in O.C.G.A. Section 10-10-11(9)), and next steps in process to appoint Fund Administrator.

 

Invest Georgia Fund seeks a Fund Administrator

Request for Fund Administrator

  1. Summary

IG Fund, LLC (the “Fund LLC”, ), on behalf of Invest Georgia Fund ( the “Fund”, www.investgeorgia.net ) seeks a Fund Administrator (the “Fund Administrator”) who can advise it on the selection of Georgia venture capital funds for investment. The Fund is acting pursuant to its responsibilities under Ga. Code Section 10‑10‑10 et seq., enacted in 2013 (the “Statute”) governing the Fund and creating the Invest Georgia Board (the “Board”). The Fund LLC has been created under the authority of the Statute as the operating and investment vehicle for the Fund under the control of the Board. All respondents are encouraged to review the Statute to enhance their understanding of the Fund’s mission and public purpose.

Read full Legislation here

  1. Due Date

Responses to this Request are due no later than March 6, 2015. Fund responses shall be sent to the Fund/Program Executive Director by electronic communication (email) no later than 5:00 PM, March 6, 2015. (Please see Section X regarding submission of questions prior to due date.)

Read full RFP here

Invest Georgia Fund Overview

Invest Georgia is a state-based fund of funds that improves success opportunities for Georgia-based businesses incubated and growing within the state. Established by the Georgia General Assembly in 2013, the program fosters innovators and enables entrepreneurs.Early and growth stage companies almost always encounter a capital access problem between initial business funding and institutional expansion funding. The Invest Georgia program creates an environment where companies are encouraged in bridging that gap.

Multiple levels of accountability have been integrated into the Georgia program. A five member, state-appointed Board of Directors oversees the fund. A single fund administrator conducts third party review which includes selection of venture funds and due diligence of business investments. An executive director administers day-to-day operations.