Specifications include, but are not limited to: This RFP solicits the proposals for a professional services contract regarding the engagement of fund managers with the capacity and experience to successfully promote the State of Delaware’s participation in the SSBCI, specifically with respect to Delaware’s Early-Stage VC Fund program. Selected fund management service providers will be expected to assume the following responsibilities in accordance with the U.S. Treasury SSBCI requirements and enabling legislation: • Fund Formation: Establish the legal and organizational structure of the Fund, including formation/management of the investment committee, establishment of the legal structure, institution of accounting processes, and reporting processes which satisfy the U.S. Treasury guidelines of the SSBCI program. • Strategic Operating Plan: Develop the Fund’s investment strategy, including how the fund will support investment opportunities for SEDI entrepreneurs and SEDI-owned businesses. • Outreach: Establish relationships with a wide range of educational, research, economic development, venture development, and investment organizations, to ensure that investment candidates are aware of the Fund and that it can attract a wide range of coinvestors. This includes outreach to SEDI and Very Small Businesses as defined by U.S. Treasury SSBCI guidelines. • Investment Evaluation and Selection: Establish and manage the evaluation and selection process for investment candidates. • Oversight: Establish practices for oversight of portfolio companies, including as appropriate, board membership and advisory roles, and compliance with federal reporting. • Conflicts of Interest: Establish practices based on U.S. Treasury SSBCI guidelines to uncover and avoid potential conflicts of interest. • Reporting: Provide quarterly and annual reports on Fund activities in accordance with U.S. Treasury SSBCI guidelines. Reports shall include investment performance, leverage, and results, including employment, wages, and other measures of economic impact and wellbeing. • Compliance: Establish reporting mechanisms, audits, and other internal controls and compliance activities to enable compliance with the U.S. Treasury SSBCI program.
