Venture Capital Seed Fund Program Management

The State of Delaware’s Division of Small Business is seeking a qualified venture‑capital fund manager to administer Delaware’s participation in the federal State Small Business Credit Initiative (SSBCI). The selected vendor will establish and operate a seed‑stage venture‑capital fund, invest up to $4 million of SSBCI capital per fund, and leverage at least a 10 : 1 private‑capital match over ten years. The contract is for two years with optional one‑year extensions and requires extensive monthly, quarterly, and annual reporting on fund usage, subcontracting, and compliance with Treasury guidelines. The vendor must be incorporated or qualified in Delaware, have a proven track record in seed‑stage VC investing, and demonstrate a commitment to diversity‑focused outreach. • Manage up to $8 million in SSBCI capital (split into two tranches) and raise matching private capital. • Provide portfolio advisory services, maintain rigorous reporting (monthly usage, quarterly 2nd‑tier subcontracting, annual performance). • Comply with strict insurance, audit, and civil‑rights/diversity requirements; fees limited to 1.71 % of federal contribution annually.