How Program Work

How Does a Venture Capital Program Work?

State Venture Capital Programs take one of two forms: 1) a state-run venture capital fund with other
private investors, which invests directly in businesses; or 2) a fund of funds, which is a fund that invests
in other venture capital funds, which in turn invest in individual businesses. In a fund of funds structure,
other private investors may co-invest either at the level of the fund of funds or at the level of the
venture capital fund.