1. Funding of the Initiative to Build Growth Equity Funds for Minority Businesses (a) Grant The Minority Business Development Agency shall provide a grant of $3,000,000,000 to fully implement the Initiative to Build Growth Equity Funds for Minority Businesses (the Initiative ; award number MB19OBD8020113), including to use such amounts as capital for the Equity Funds. (b) Administrative expenses Of the amounts provided under subsection (a), the grant recipient may use not more than 2.25 percent of such amount for administrative expenses, of which— (1) not more than 1.5 percent may be used for fees to be paid to investment managers for fund investment activities, including deal sourcing, due diligence, investment monitoring, and investment reporting