The Independence Investment Fund Act establishes the Independence Investment Fund within the Department of the Treasury to facilitate investments in companies developing critical and emerging technologies , aiming to significantly enhance U.S. national and economic security. Its objectives include investing in technologies that provide measurable improvements, signaling priorities to private investors, and generating financial returns for self-sustainment. The Fund also seeks to offer an alternate source of financial support to companies vulnerable to adversarial investment and provide the Federal Government with situational awareness over market trends. The Secretary of the Treasury, in consultation with the Secretaries of Defense and Commerce, will oversee the Fund's strategy, determining national security needs and technological priorities, with biotechnology identified as a specific priority. The Fund will make seed to mid-stage equity investments in U.S.-headquartered technology companies, typically averaging between $1,000,000 and $10,000,000. It may also invest in companies outside the U.S. and partner with foreign venture capital funds, excluding foreign entities of concern. An initial advisory board will recommend a roadmap and operating procedures for the Fund's establishment and implementation, including specific goals and investment criteria. This board, which includes biotechnology expertise, will submit a report and then terminate. Subsequently, a supervisory board will provide ongoing oversight and serve as the investment committee, with all investment decisions requiring a voting quorum and majority approval. An independent managing entity , selected through open competition, will be responsible for the Fund's day-to-day management, developing investment strategies aligned with national security needs and fostering innovation. The Act authorizes an initial appropriation of $975,500,000 for fiscal year 2025 , with $300,000,000 dedicated to biotechnology investments, to remain available until expended. Administrative costs are also funded, and conditional appropriations are authorized for future years if biotechnology investment balances fall below a specified threshold.