105.687.  Definitions. — As used in sections 105.687 to 105.689, the following terms mean:

  (1)  "Equity interests", limited partnership interests and other interests in which the liability of the investor is limited to the amount of the investment, but does not include general partnership interests or other interests involving general liability of the investor;

  (2)  "Invest" or "investment", utilization of money in the expectation of future returns in the form of income or capital gain;

  (3)  "Investment fiduciary", a person who either exercises any discretionary authority or control in the investment of a public employee retirement system's assets or who renders for a fee advice for a public employment retirement system;

  (4)  "Small business", an independently owned and operated business as defined in Title 15 U.S.C. Section 632A and as described by Title 13 CFR Part 121^*;

  (5)  "Small business investment company", an incorporated body or a limited partnership under Section 301 of Title III of the Small Business Investment Act of 1958, 15 U.S.C. 681;

  (6)  "System", a public employee retirement system established by the state or any political subdivision of the state;

  (7)  "Venture capital firm", a corporation, partnership, proprietorship, or other entity, the principal businesses of which is the making of investments in small businesses, either directly or indirectly by investing in entities the principal business of which is the making of investments in small businesses.