{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2358.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2358.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2358.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2358.html"}],"law_id":68622,"edition_id":1,"section_id":68622,"structure_id":13711,"section_number":"2.2-2358","catch_line":"Division of Investment","history":"2020, cc. 1164, 1169.","full_text":"A\n\nWithin the Authority shall be created a Division of Investment (the Division) to provide the Commonwealth with a competitive advantage through an array of funding mechanisms as provided in § 2.2-2355 related to direct and indirect venture capital investments. The Division may (i) make direct investments in business entities, (ii) make indirect investments in business entities through intermediary entities, whether formed by the Authority, or by another public or private entity or provide other financial support to encourage the formation of such intermediary entities or sidecar funds, (iii) benchmark state tax incentive programs relating to the formation and growth of technology-based businesses, and (iv) perform any other duties or responsibilities assigned by the Board.B\n\nThe Division shall partner with and support women-owned and minority-owned entrepreneurial entities through initiatives such as investor networks, accelerators, and incubators that promote and develop women and minority founders. Further, the Division shall consider status as a woman-owned or minority-owned business when making direct or indirect investments.C\n\nThe Division shall work to support investments in the diverse economies and regions of the Commonwealth and shall engage members of rural and geographically underrepresented communities on advisory committees and in positions of decision making.D\n\nThe Division shall be advised by an Advisory Committee on Investment (the Advisory Committee), to be appointed by the Board.E\n\nThe Board, in consultation with the Division and the Advisory Committee, shall make biennial recommendations to the Governor regarding investment strategies.","order_by":null,"text":{"0":{"id":248360,"text":"Within the Authority shall be created a Division of Investment (the Division) to provide the Commonwealth with a competitive advantage through an array of funding mechanisms as provided in § 2.2-2355 related to direct and indirect venture capital investments. The Division may (i) make direct investments in business entities, (ii) make indirect investments in business entities through intermediary entities, whether formed by the Authority, or by another public or private entity or provide other financial support to encourage the formation of such intermediary entities or sidecar funds, (iii) benchmark state tax incentive programs relating to the formation and growth of technology-based businesses, and (iv) perform any other duties or responsibilities assigned by the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":248361,"text":"The Division shall partner with and support women-owned and minority-owned entrepreneurial entities through initiatives such as investor networks, accelerators, and incubators that promote and develop women and minority founders. Further, the Division shall consider status as a woman-owned or minority-owned business when making direct or indirect investments.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":248362,"text":"The Division shall work to support investments in the diverse economies and regions of the Commonwealth and shall engage members of rural and geographically underrepresented communities on advisory committees and in positions of decision making.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":248363,"text":"The Division shall be advised by an Advisory Committee on Investment (the Advisory Committee), to be appointed by the Board.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":248364,"text":"The Board, in consultation with the Division and the Advisory Committee, shall make biennial recommendations to the Governor regarding investment strategies.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13711,"edition_id":1,"name":"Commonwealth of Virginia Innovation Partnership Act","identifier":"11","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":174035,"object_type":"structure","relational_id":13711,"identifier":"11","token":"2.2\/I\/D\/22\/11","url":"\/2.2\/I\/D\/22\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70429,"structure_id":13711,"section_number":"2.2-2351","catch_line":"Short title; declaration of public purpose","url":"\/2.2-2351\/","token":"2.2\/I\/D\/22\/11\/2.2-2351","metadata":false},{"id":66958,"structure_id":13711,"section_number":"2.2-2352","catch_line":"Definitions","url":"\/2.2-2352\/","token":"2.2\/I\/D\/22\/11\/2.2-2352","metadata":false},{"id":61786,"structure_id":13711,"section_number":"2.2-2353","catch_line":"Board of directors; members; president","url":"\/2.2-2353\/","token":"2.2\/I\/D\/22\/11\/2.2-2353","metadata":false},{"id":56487,"structure_id":13711,"section_number":"2.2-2354","catch_line":"Powers and duties of the president","url":"\/2.2-2354\/","token":"2.2\/I\/D\/22\/11\/2.2-2354","metadata":false},{"id":56808,"structure_id":13711,"section_number":"2.2-2355","catch_line":"Powers of the Authority","url":"\/2.2-2355\/","token":"2.2\/I\/D\/22\/11\/2.2-2355","metadata":false},{"id":70323,"structure_id":13711,"section_number":"2.2-2356","catch_line":"Designation of staff of not-for-profit entity","url":"\/2.2-2356\/","token":"2.2\/I\/D\/22\/11\/2.2-2356","metadata":false},{"id":60780,"structure_id":13711,"section_number":"2.2-2357","catch_line":"Division of Entrepreneurial Ecosystems","url":"\/2.2-2357\/","token":"2.2\/I\/D\/22\/11\/2.2-2357","metadata":false},{"id":68622,"structure_id":13711,"section_number":"2.2-2358","catch_line":"Division of Investment","url":"\/2.2-2358\/","token":"2.2\/I\/D\/22\/11\/2.2-2358","metadata":false},{"id":56795,"structure_id":13711,"section_number":"2.2-2359","catch_line":"Division of Commercialization","url":"\/2.2-2359\/","token":"2.2\/I\/D\/22\/11\/2.2-2359","metadata":false},{"id":72724,"structure_id":13711,"section_number":"2.2-2360","catch_line":"Virginia Innovation Index","url":"\/2.2-2360\/","token":"2.2\/I\/D\/22\/11\/2.2-2360","metadata":false},{"id":61362,"structure_id":13711,"section_number":"2.2-2361","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2361\/","token":"2.2\/I\/D\/22\/11\/2.2-2361","metadata":false},{"id":54695,"structure_id":13711,"section_number":"2.2-2362","catch_line":"Moneys of Authority; examination of books by the Auditor of Public Accounts","url":"\/2.2-2362\/","token":"2.2\/I\/D\/22\/11\/2.2-2362","metadata":false},{"id":56002,"structure_id":13711,"section_number":"2.2-2363","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2363\/","token":"2.2\/I\/D\/22\/11\/2.2-2363","metadata":false},{"id":69413,"structure_id":13711,"section_number":"2.2-2364","catch_line":"Exemption of Authority from personnel and procurement procedures; adoption of procurement policies","url":"\/2.2-2364\/","token":"2.2\/I\/D\/22\/11\/2.2-2364","metadata":false}],"previous_section":{"id":60780,"structure_id":13711,"section_number":"2.2-2357","catch_line":"Division of Entrepreneurial Ecosystems","url":"\/2.2-2357\/","token":"2.2\/I\/D\/22\/11\/2.2-2357","metadata":false},"next_section":{"id":56795,"structure_id":13711,"section_number":"2.2-2359","catch_line":"Division of Commercialization","url":"\/2.2-2359\/","token":"2.2\/I\/D\/22\/11\/2.2-2359","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2358\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1164<\/a> and 1169<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":56808,"section_number":"2.2-2355","catch_line":"Powers of the Authority","order_by":null,"url":"\/2.2-2355\/"}],"permalink":{"id":174065,"object_type":"law","relational_id":68622,"identifier":"2.2-2358","token":"2.2\/I\/D\/22\/11\/2.2-2358","url":"\/2.2-2358\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2358\/","token":"2.2\/I\/D\/22\/11\/2.2-2358","dublin_core":{"Title":"Division of Investment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2358","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Within the Authority<\/span> shall be created a Division of Investment (the Division) to provide the Commonwealth<\/span> with a competitive advantage through an array of funding mechanisms as provided in § 2.2-2355<\/a> related to direct and indirect venture capital investments. The Division may (i) make direct investments in business entities, (ii) make indirect investments in business entities through intermediary entities, whether formed by the Authority<\/span>, or by another public or private entity or provide other financial support to encourage the formation of such intermediary entities or sidecar funds, (iii) benchmark state<\/span> tax incentive programs relating to the formation and growth of technology-based businesses, and (iv) perform any other duties or responsibilities assigned by the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Division shall partner with and support women-owned and minority-owned entrepreneurial entities through initiatives such as investor networks, accelerators, and incubators that promote and develop women and minority founders<\/span>. Further, the Division shall consider status as a woman-owned or minority-owned business when making direct or indirect investments. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Division shall work to support investments in the diverse economies and regions of the Commonwealth<\/span> and shall engage members of rural and geographically underrepresented communities on advisory committees and in positions of decision making. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Division shall be advised by an Advisory Committee on Investment (the Advisory Committee), to be appointed by the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Board<\/span>, in consultation with the Division and the Advisory Committee, shall make biennial recommendations to the Governor regarding investment strategies. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIVISION OF INVESTMENT (\u00a7 2.2-2358)\n\nA. Within the Authority shall be created a Division of Investment (the Division)\nto provide the Commonwealth with a competitive advantage through an array of\nfunding mechanisms as provided in § 2.2-2355 related to direct and indirect\nventure capital investments. The Division may (i) make direct investments in\nbusiness entities, (ii) make indirect investments in business entities through\nintermediary entities, whether formed by the Authority, or by another public or\nprivate entity or provide other financial support to encourage the formation of\nsuch intermediary entities or sidecar funds, (iii) benchmark state tax incentive\nprograms relating to the formation and growth of technology-based businesses,\nand (iv) perform any other duties or responsibilities assigned by the Board.\n\nB. The Division shall partner with and support women-owned and minority-owned\nentrepreneurial entities through initiatives such as investor networks,\naccelerators, and incubators that promote and develop women and minority\nfounders. Further, the Division shall consider status as a woman-owned or\nminority-owned business when making direct or indirect investments.\n\nC. The Division shall work to support investments in the diverse economies and\nregions of the Commonwealth and shall engage members of rural and geographically\nunderrepresented communities on advisory committees and in positions of decision\nmaking.\n\nD. The Division shall be advised by an Advisory Committee on Investment (the\nAdvisory Committee), to be appointed by the Board.\n\nE. The Board, in consultation with the Division and the Advisory Committee,\nshall make biennial recommendations to the Governor regarding investment\nstrategies.\n\nHISTORY: 2020, cc. 1164, 1169.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}