Officials at Invest Georgia announced Wednesday the choice of LCG Associates Inc. from a narrowed pool of three qualified applicants. The firm has signed a one-year contract effective Aug. 1.

Under the legislation that created Invest Georgia in 2013, the company will work with the VC fund’s executive director to set policy for investing in Georgia-based growth and early-stage companies, choose investments that fit those policies and report its activities to the General Assembly.

“The intent was to have layers of oversight and transparency,” said Knox Massey, Invest Georgia’s executive director. “What we have with this fund administrator is ... a professional entity that gives credibility to the program. It eliminates political influence that may or may not happen with programs like this.”

After creating Invest Georgia two years ago, supporters ran into opposition securing initial funding for the program. It wasn’t until a year later that lawmakers agreed to $10 million in seed capital.

The VC fund was on the verge of a significant boost this year when the General Assembly passed a bill on the last day of the legislative session providing $55 million to Invest Georgia. But Gov. Nathan Deal vetoed the measure over his objections to legislative leaders combining the VC fund and a separate tax credit program – also funded at $55 million – into a single bill.