The New Jersey Economic Development Authority (NJEDA) has issued Notices of Investment Opportunities (NIOs) seeking experienced investment managers to manage and deploy investment capital for unique fund opportunities. Combined, there is $150 million of capital for the selected managers to support investment in New Jersey through four funds. The NIOs and contact information can be found at https://www.njeda.com/notices-of-investment-opportunity/.
The Authority plans to use $130 million it will receive from the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) to anchor three of the funds. A fourth fund – the Black and Latino Seed Fund – will be capitalized with up to $20 million from New Jersey’s 2022 and 2023 Fiscal Year budgets and is a key element of Governor Phil Murphy’s plan to create the most diverse and inclusive innovation economy in the nation.
The NJEDA issued the NIOs for the following four unique investment strategies:
- Socially & Economically Disadvantaged Individuals (SEDI) Seed Fund
- Black and Latino Seed Fund
- Blended Capital Fund
- Life Science/Health Care Fund