Code of the District of Columbia

§ 2–281.03(Perm). Fund Manager selection.

(a) The Mayor shall solicit applications, in a form determined by the Mayor, for the position of Fund Manager from private financial organizations. The application shall contain a description of:

(1) The applicant's qualifications, which shall include 5 or more years of demonstrable experience investing in:

(A) Small businesses;

(B) Businesses owned by economically disadvantaged individuals;

(C) Businesses owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities;

(D) Businesses that otherwise meet the definition of, or are similar to, an equity impact enterprise; or

(E) District-based businesses.

(2) How the applicant will structure the Fund and investment criteria to achieve the goals and objectives of the Fund;

(3) The ability and plans of the applicant to provide or raise sufficient funds to provide matching contributions for the Fund;

(4) The ability of the applicant to maintain a sufficient fund balance to administer the Fund;

(5) The type of businesses to be targeted for priority investment from the Fund;

(6) A demonstrable ability to offer a variety of financing vehicles, including equity financing, revenue-based financing, royalty financing, and debt financing;

(7) The investment strategies the applicant will employ to achieve the goals and objectives of the Fund; and

(8) Other criteria that the Mayor considers necessary or appropriate.

(b) A Fund Manager shall be selected from among the applicants for the position based on a scoring rubric established by the Mayor; provided, that:

(1) A preference be given to applicants that:

(A) Have experience working with entrepreneurs in the District; and

(B)(i) Are at least 51% owned, operated, or controlled by economically disadvantaged individuals or individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities; or

(ii) Are an equity impact enterprise; and

(2) If the applicant manages an existing investment fund, the existing fund not exceed $50,000,000 in total investments.