Request for Application (RFA)- NYC Catalyst Fund II
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Description
New York City Economic Development Corporation (NYCEDC) is issuing a Request for Applications (RFA) to seek applications from investment fund managers (each, a Fund Manager) that are raising capital for an investment fund (each, an Investment Fund) with objectives that align with the NYC Catalyst Fund II (the Program). The goals of the Program include fueling economic development in New York City, achieving NYCEDCs broader impact, and generating income for NYCEDC. NYCEDC expects to allocate $25 million to the Program and make commitments up to $5 million to each Investment Fund selected by the Program. Additional funding may be allocated to the Program at the discretion of NYCEDC. NYCEDC is interested in funds that have a well-articulated financial return strategy, a demonstrated commitment to New York City, and a strategy that aligns with at least one of the below impact areas: Diverse Entrepreneurship: The Fund Manager must demonstrate an investment strategy for the Investment Fund that is focused on investing in underrepresented founders and their businesses. Economic Mobility: The Fund Manager must demonstrate an investment strategy for the Investment Fund that is focused on closing income and wealth gaps through, but not limited to, small business financing, workforce and business development, education, and/or alternative wealth creation pathways. Innovation Sectors: The Fund Manager must demonstrate an investment strategy for the Investment Fund that is focused on high-growth, innovative industries that are integral to New York Citys economic growth and the creation of high-quality local jobs. NYCEDC plans to select Fund Managers based on factors stated in the selection criteria section of the RFA, which include, but are not limited to: the qualifications and reputation of the Fund Manager and the investment team, the Investment Funds investment and impact strategy, the Investment Funds proposed financial terms, and the Fund Managers inve…