In Jul. 2003, HB 3613 was passed in the Oregon State Legislature and enacted a mandate for the Oregon Investment Council (OIC) to design and implement a $100 million program that encourages the growth of small businesses within the state of Oregon.

The Oregon Investment Fund (OIF), now known as the Oregon Venture Fund, capitalized by funds from the OIC, committed capital to private equity and venture capital funds that in turn invest in companies located primarily in the state of Oregon, as well as the Pacific Northwest region.