INVEST GEORGIA BOARD
MINUTES OF A MEETING OF THE BOARD
July 27, 2016
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 on July27, 2016 at 10:00 a.m. at the offices of LCG Associates in Atlanta, Georgia. Members of the Board in attendance included William D. (Bill) Young (Chairman), DavidG. Hanna, A.D. Frazier and Charles B. (Charlie) Thompson. Also in attendance were Lt. Governor Casey Cagle, Knox Massey, Executive Director and John Zamer of Jones Day. Representatives of LCG Associates (“LCG”), including Catharine Burkett, Cam McElroy, Ed Johnson and Jonathan Lea, also attended.
The meeting was called to order by Mr. Young, and the presence of a quorum was noted. Mr.Young reviewed the purposes of the meeting.
Mr. Young then introduced Mr. Cagle who gave his assessment of the Invest Georgia program, and indicated why he believed the State implemented same. He noted the recent $10million new capital contribution by the State to Invest Georgia Fund. He stated that he believed the program to be very important to stimulating venture capital in Georgia, including sending a critical message to the venture community country-wide that the State was supporting Georgia’s attraction and deployment of venture capital.
Mr. Massey then began his review of the Georgia venture capital market. He explained the structure of Invest Georgia Board, and the related State oversight. He reviewed a timeline of key events, beginning in 2013 through the present, in the history of Invest Georgia.
Ms. Burkett and Mr. McElroy then reviewed both early stage and growth stage venture capital funds they were evaluating for possible investment by Invest Georgia Fund. They reviewed the specific investment “pipeline” status. They gave an overview of their investment recommendation process. They and Mr. Massey responded to comments and questions from Board members.
Then, Mr. Massey gave an overview of general statistics and trends related to venture capital and investments in the State, including data as to total venture investments over the prior five years and 2016 YTD, notable sizeable deals, notable sizeable “exits” (i.e., sales of portfolio companies), comparison of Georgia’s market to others as to exits, venture-financed companies that have left the State, and promising start-ups in the State. He then reviewed general observations about Georgia’s strengths, and areas where improvements are necessary, in reference to its venture capital industry. He made some general recommendations as to steps the State and the venture industry could take. There followed a discussion among Mr. Cagle, the Board members and others attending the meeting.
There followed a short executive session attended only by the Board members, Mr. Massey and Mr. Zamer, in which the Board discussed specific venture funds currently being evaluated by LCG Associates.
There being no further business to come before the meeting, a motion was made to adjourn the meeting, which was seconded, and the meeting was adjourned.
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