In order to access funds, venture capital firms must
- Be certified as qualified venture firms by the NJEDA (see below for application).
- Demonstrate a minimum of $10 million assets under management at time of certification.
- Have no fewer than two principals or persons employed to direct the qualified investment of capital, with at least five years of money management experience in the venture capital or private equity sectors on the date the determination for certification is made.
Additionally, the Certification evaluation methodology places a material emphasis on venture firms’ diversity, equity, and inclusion (DE&I) policies and firms’ track records in achieving their stated DE&I goals.
To receive an investmentthrough the NJIEF, a business must:
- Be registered to do business in New Jersey.
- Have principal business operations located in New Jersey and intend to maintain principal business operations in the State after receiving a qualified investment under the program.
- Be engaged in a targeted industry.
- Employ fewer than 250 persons.
Please refer to the attached Program Documents for more detailed information on eligibility, evaluation, and reporting requirements.