Texas Insurance Code - INS § 228.102. Qualification

(1) the applicant must have, at the time of application for certification, an equity capitalization of at least $500,000 in unencumbered cash or cash equivalents;

(2) at least two principals or persons employed to manage the funds of the applicant must have at least four years of experience in the venture capital industry;  and

(3) the applicant must satisfy any additional requirement imposed by the comptroller by rule.