These regulations prescribe the objectives and investment policy of the Maryland Equity Investment Fund, and the eligibility requirements, criteria, procedures, and guidelines for investment by the Maryland Equity Investment Fund. Through the Maryland Equity Investment Fund, TEDCO seeks to invest in qualified businesses with a goal to increase private equity and venture capital in the State that will have the potential to: Generate financial returns to the benefit of the participants of the several pension systems managed by the State Retirement and Pension System; and Foster economic growth throughout the State. In this chapter, the following terms have the meanings indicated. Terms Defined. “Maryland Equity Investment Fund” means the investment program established by §10-487 of the Act. “Qualified business” has the meaning stated in §10-487(a)(4) of the Act.. TEDCO seeks to invest in businesses that have demonstrated financial success and continued growth potential appropriate for subsequent venture investments or a public offering. TEDCO shall be satisfied that the applicant is a qualified business and meets the requirements under COMAR 14.04.02.04. In General. In addition to the investment criteria set forth in COMAR 14.04.02.05, TEDCO shall consider the following investment criteria: Whether the market opportunity is appropriate for venture capital; Whether the applicant, at the time it submits an application to TEDCO, is raising a minimum investment round of $2,000,000; Whether the investment has the potential to generate returns of two times the amount of TEDCO’s invested capital not more than 8 years from the date of the investment; Whether the applicant presents a plausible exit strategy for investors; and Whether the management team has the skills and ability to effectively secure an institutional venture investment concurrent with the investment of the Maryland Equity Investment Fund. TEDCO shall select businesses for investment by the Maryland Equity Investment Fund in accordance with the application process set forth in COMAR 14.04.02. Economic Development Article, §10-409, Annotated Code of Maryland Effective date: September 18, 2023 (50:18 Md. R. 800)