Hawaii Employees Retirement System, Honolulu, would be required to allocate $100 million to Hawaii venture capital investments if legislation backed by Gov. Linda Lingle passes.
The legislation also would create the Hawaii Innovation Investment Fund, a venture capital fund of funds that would invest in early stage businesses in Hawaii, according to both versions of the bill. The $10.2 billion retirement system could invest some or all of its allocation through the Innovation Investment Fund.
According to the House bill, the employees' retirement system already has committed approximately $300 million to alternatives investments, including venture capital
David Shimabukuro, an administrator with the system, was not available for comment.