In order for the board of directors of the fund to place monies of the fund with an investor for the purpose of making a venture capital investment, the following requirements must be met:

1. (1) No investment by an investor in any one investment may exceed five million dollars or fifteen percent of the committed capital of the investor, whichever is less. In addition, an investor must agree to invest at least an amount equal to the fund's capital commitment to such investor in South Carolina based companies.

2. (2)

   1. (a) While the board of directors of the fund shall give preference to investors, otherwise qualified, that maintain either a headquarters or an office staffed by an investment professional in South Carolina, investments may be made with investors not principally located in South Carolina; provided, that the investors are otherwise qualified under this chapter and have other venture capital investments in South Carolina or in South Carolina based companies at least equal to the total amount of monies placed with that investor by the fund.
   2. (b) "South Carolina based companies" for purposes of this section means any corporation, limited liability company, community development corporation or unincorporated business organization, including a general or limited partnership, that has its principal place of business located in this State and has at least fifty percent of its gross assets and fifty percent of its employees located in this State at the time of the initial investment. If a corporation, limited liability company, or unincorporated business organization is a member of an affiliated group, the gross assets and the number of employees of all of the members of the affiliated group, wherever those assets and employees are located, shall be included for the purpose of determining the percentage of the corporation's, company's, or organization's gross assets and employees located in this State.
3. (3) When selecting investors with which to place the fund's venture capital investments, the board of directors shall give preference to investors that have on or before the date of the fund's capital commitment, aggregate capital commitments of at least three times the amount of the fund's capital commitment. An investor's capital commitments for purposes of this requirement include private, federal, or other nonstate funds secured by the investor.
4. (4) Investors must develop a repayment plan based on expected liquidity events of its portfolio investments. All repayments must occur within ten years, subject to extension as described in Section 11-45-30(12).
5. (5) No investment may violate the provisions of Section 11, Article X of the Constitution of this State.