Code of the District of Columbia

§ 2–281.03. Fund Manager selection.

*NOTE: This section includes amendments by temporary legislation that will expire on March 10, 2022. To view the text of this section after the expiration of the temporary legislation, click this link: Permanent Version.*

(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.