The New Jersey Innovation Evergreen Fund (NJIEF) is a partnership with the private sector that will raise and invest funds in New Jersey-based companies to address New Jersey’s shortfalls in venture capital funding and create the conditions necessary for entrepreneurs to succeed.

Professional, institutional venture capital investors can apply for formal review. Those that meet the NJEDA’s criteria will be certified as Qualified Venture Firms under the Program and have access to up to $10 million per year to invest in New Jersey-based companies in innovative industries. The funded companies will also receive support from the corporations that purchased tax credits through the auctions.

The NJEDA will return dividends and returns on investments to the Fund, making it self-sustaining or “evergreen.” Some investment returns may also be paid to the State’s General Fund.


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.


Qualified investments up to $5 million may be made from the Fund. Businesses that utilize intellectual property that is core to their business model and was developed at a New Jersey-based college or university; are considered a university spin-off business; or are certified by the State as a “minority business” or a “women’s business” can qualify for an investment up to $6.25 million.

The NJEDA has set a goal of 25 percent of NJIEF money that is allocated to qualified venture firms going to investments in businesses located in opportunity zones.


In order to participate in or receive investment from the NJIEF, an investor or company must be in good standing with the NJ Department of Labor, NJ Department of Treasury, and the NJ Department of Environmental Protection. 

The full statutory text of the program can be found in sections 20-34 of the Economic Recovery Act of 2020. 

Specially adopted and concurrently proposed Evergreen regulations