For purposes of this act:
(a) "Department" means the department of commerce;
(b) "fund" means any venture-capital fund whether organized as a corporation, partnership, limited partnership, limited liability company or other business entity, as well as any separately organized entity, which manages any such fund;
(c) "fund manager" means any person or persons, approved by the secretary, legally responsible for the investment and management of a fund's assets pursuant to statute or contract; and
(d) "secretary" means the secretary of commerce.