The Arkansas Development Finance Authority (ADFA) was given the authority to implement a Venture Capital Investment Program during the Eighty Third General Assembly.

In 2003, ADFA utilized a national RFP process to hire Cimarron Capital Partners, LLC, as the program’s Designated Investor Group. The Arkansas Legislative Counsel approved this professional services contract.

AIF operates under an investment policy approved by the ADFA Board of Directors. Governor Mike Huckabee authorized the establishment of the Arkansas Venture Capital Investment Trust to hold the equity interest in the AIF. The President of ADFA, the President of the Arkansas Science and Technology Authority and the Director of the Arkansas Department of Finance and Administration serve as trustees for this public trust.