Requires regents to ensure that no less than 1 percent of their respective total endowment assets are invested by July 1, 2027, in one or more innovation funds certified by the economic development authority.  Provides each institution shall retain discretion to determine which innovation funds to invest in, when investments are made, and the structure of commitments. Authorizes the institution to implement investments through direct commitments as capital is called.  Authorizes the state board of regents to grant an institution a one-year waiver from the requirements of the bill if adequate innovation fund capacity is not available or market conditions would materially impair prudent investment.  Requires annual reports to the board with specified content, requires economic development to maintain public list of all innovation funds eligible, and includes standards.