23. a. The authority shall establish and maintain a dedicated fund to be known as the “New Jersey Innovation Evergreen Fund.” The authority shall use the money in the fund to carry out the purposes enumerated in subsections b. and c. of this section. The authority shall credit the fund with money paid by purchasers; distributions from payments or repayments made to the authority in accordance with subsection c. of section 31 of P.L.2020, c.156 (C. 34:1B-299); earnings received, if any, from the investment or reinvestment of money credited to the fund; and any money which, from time to time, may otherwise become available for the purposes of the fund.

b. The authority shall allocate the money in the fund to qualified venture firms to make qualified investments of capital in qualified businesses through a special purpose vehicle in accordance with section 30 of P.L.2020, c.156 (C. 34:1B-298) and to pay the administrative, legal, and auditing expenses of the authority incurred in the administration of the program. In addition, the authority shall use 75 basis points of the total amounts deposited in the fund, calculated on an annual basis, for programs administered by the authority that create an innovation ecosystem that supports and promotes high-growth businesses in the State.

c. The authority shall deposit into the fund dividends and returns on investments paid to the authority by or on behalf of a qualified business. Upon the fund holding total deposits of $500,000,000 and thereafter upon a qualified investment in a qualified business achieving a return on investment of twice the original and follow-on investment, 50 percent of any return on investment in excess of twice the original and follow-on investment shall be paid to the General Fund of the State.

d. The authority shall account for and calculate reserves for follow-on investments, programs that support the State’s innovation ecosystem, and administrative, legal, and auditing expenses of the authority in administering the program. The authority shall not include these reserves when calculating the amount in the fund available for new qualified investments.

L.2020, c.156, s.23.