; and (bb) pursue equity investments in startups described in item (aa). (ii) A program in which a State-supported entity or a private investment firm establishes a fund to invest in other investment funds in accordance with the following requirements: (I) The fund established under the program may charge a market rate management fee paid by the administrator of the program with program funds and receive a market rate management fee and profit interest. (II) If the State has an above average per capita venture capital market share, the State shall prioritize allocations by the fund established under the program to funds managed by first-time managers, women, and minorities. (III) The allocations made by the fund established under the program shall be in an amount that is not more than 20 percent of the capital raised by that fund, except that, with respect to a recipient fund described in subclause (II), that amount shall be 50 percent. (B) Application A State that wishes to have a State program of the State certified by the Secretary as an approved State program shall submit to the Secretary an application that contains— (i) a venture capital supply and accessibility study listing, which shall include— (I) a list of active, as of the date on which the application is submitted, venture capital funds in the State with capital under management, segregated by funds that actively invest in startups and funds that no longer actively invest in startups; (II) sources of equity investments in startups; and (III) a summary of investment activity in the State from accredited investors that are not venture capital funds; (ii) for the 10-year period preceding the date on which the State submits the application, a list of each State-sponsored program, the intent of which is to stimulate equity investment in startups, including the policies implemented under each such program and the reported results of each such program