Description
The State of Oregon, acting by and through the Oregon Business Development Department, is seeking proposals to deploy State Small Business Credit Initiative (SSBCI) capital through a new venture capital fund program called the Business Oregon Venture Fund Program. The selected Proposer will operate as the general partner with Business Oregon as a limited partner. Funds will be invested in Oregon firms consistent with SSBCI. The initial term of the Contract is anticipated to be 10 years. Key aspects of the proposal include: Proposer's experience, strategy and investment process, management fees and administrative costs, impacts, and accounting and back office.
• Proposer's experience: qualifications, history of the firm, experience investing in venture capital, experience investing in Oregon startups, experience sourcing and investing in SEDI-owned businesses and Very Small Business (VSBs).
• Strategy and investment process: investment thesis, expected pipeline and pace of investments, expected services to support portfolio companies, expected limitations on use of investment proceeds, expected process for negotiating and approving investment terms.
• Management fees and administrative costs: details of the fund's fee structure, administrative costs.
• Impacts: expected plan for attracting investable companies, summary of previous portfolio companies' founders' demographics, expected number of full-time equivalent jobs created post-investment, expected private financing leverage from investments.
• Accounting and back office: list of back office, accounting, and support personnel or contractors, description of General Partners' valuation policy, description of internal accounting and administrative controls systems.