CT SB00401

Amends Connecticut Innovations, Incorporated's authority to invest in private equity investment funds and funds of funds, with a requirement that amounts invested must support technology, bioscience, or precision manufacturing growth or relocation in Connecticut.

Redefines "early-stage business" under the Connecticut Bioscience Innovation Fund from businesses operating less than seven years to those with annual commercial revenue not exceeding two million dollars.

Expands the definition of "eligible recipient" to include entities that previously received financial assistance from the fund or Connecticut Innovations, Incorporated, allowing them to receive additional assistance.

Allows the Bioscience Innovation Advisory Committee to provide financial assistance both directly to eligible recipients and indirectly through private equity investment funds, with guidelines requiring fund investments to support eligible recipients in Connecticut.

Clarifies that repayment of loan principal and recoveries of original financial assistance amounts return to the fund, while interest payments and returns on investment in excess of the original amount become unrestricted funds of Connecticut Innovations, Incorporated.