NC S531

Authorizes the State Treasurer to invest up to $100 million in Escheat Fund assets in small business ventures through a professionally managed special fund.

Requires investment allocations to small businesses with North Carolina nexus (headquartered in-state, significant in-state operations, or commercializing state-developed intellectual property) with annual receipts not exceeding $5 million.

Limits urban region investments to no more than 33% of allocated assets, with Wake, Durham, Mecklenburg, and Orange counties designated as urban regions.

Establishes a $20 million annual investment cap (excluding rollover investments) and requires at least 20% of assets be invested in businesses started and owned by military veterans with honorable service records.

Creates a governance structure requiring joint selection by designees of the Governor, State Treasurer, Speaker of the House, President Pro Tempore of the Senate, and Secretary of Commerce to oversee fund administration and investment decisions.