In order to access funds, venture capital firms must be certified as Qualified Venture Firms by the NJEDA following application and review of the following eligibility parameters:
- Demonstration of a minimum of $10 million assets under management at time of certification.
- Having no fewer than two principals or persons employed full-time to direct the qualified investment of capital, with at least five years of money management experience on the date the determination for certification is made.
- Demonstration by the Venture firm of satisfactory diversity, equity, and inclusion (DE&I) policies and track records in achieving their stated DE&I goals.
Please refer to the attached Program Documents for more detailed information on eligibility, evaluation, and reporting requirements.
Following, or concurrently with qualification, venture capital firms may apply for co-investment into Qualified Investments (application expected to open Q1 2023). Businesses receiving Qualified Investments 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 a high-growth business engaged in a targeted industry.
- Employ fewer than 250 persons.