AUSTIN (February 4, 2013)--Gov. Rick Perry's pet fund for high-tech startups in Texas is leaving room for $6 million in potential losses because of troubled investments, a new report shows.
That allowance for bad debt is a drain on the value of the Texas Emerging Technology Fund.
According to an annual report from Perry's office, the tech fund is now worth $2.4 million more than what the state has given to more than 130 private companies.
Perry's office says the report included the potential losses to give lawmakers a clearer picture of the fund's condition.
The tech fund has handed out more than $184 million since 2005.
Perry calls the fund an innovative spark plug for the Texas economy, but critics have targeted the program over performance and politics.