Government sends Congress bill allowing Corfo to invest in venture capital funds
The government submitted to the Chamber of Deputies a bill authorizing Corfo to contribute to funds of funds and directly to venture capital vehicles. The initiative, signed by President José Antonio Kast and ministers Jorge Quiroz and Daniel Mas, has 20 permanent articles and eight transitional provisions. Corfo may hold up to 35% in the fund of funds and 30% in direct contributions, with a spending cap of US$25 million in the first year the regulation is in force.
In 50 seconds
- The bill enables two modalities: a fund of funds managed by an AGF and overseen by the CMF, and direct contributions to funds set up in Chile.
- Corfo may hold up to 35% in the fund of funds and up to 30% in direct contributions, where private investors must put in at least $2.3 for every peso it contributes.
- Spending on quotas will be capped at US$25 million during the year the regulation is published; afterwards it will depend on the Budget Law.
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IASummary generated by artificial intelligence from a story by Diario Financiero. It may contain errors: the original source prevails.
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