TNInvestco
TNInvestco is a US$200 million investment fund run by the State of Tennessee. Founded in 2009, its aim is to invest in the state economy and create jobs for Tennesseans.[1]
History
[edit]TNInvestco was established in 2009 by Matt Kisber, the commissioner of the Tennessee Department of Economic and Community Development, and Reagan Farr, the Commissioner of the Tennessee Department of Revenue.[2]
By 2012, state auditors found "pervasive noncompliance with program requirements," leading to possible "risk of fraud, waste and abuse."[1]
TNInvestco invested in Council Capital, a private equity and venture capital healthcare firm based in Nashville.[3] In 2014, it invested US$750,000 in Digital Reasoning, an intelligence firm headquartered in Franklin, Tennessee.[4]
References
[edit]- ^ a b Smith, Ellis (November 14, 2012). "Auditors blast $200 million TNInvestco program". Chattanooga Times Free Press. Chattanooga, Tennessee. Retrieved November 13, 2015.
- ^ "TNInvestco". Tennessee Department of Economic and Community Development. Retrieved November 13, 2015.
- ^ Nannie, Philip (November 29, 2011). "Council Capital invests in Payment America". NashvillePost.com. Retrieved November 13, 2015.
- ^ McGee, Jamie (October 9, 2014). "When crisis strikes, Digital Reasoning takes action". The Tennessean. Retrieved October 7, 2015.
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