C2021551 Commercialization Gap Fund RFP addendum 1.docx
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- Attached to
- Window Case Exhibit
- Solicitation number
- S-15600-00000870
- Issued by
- Marion County, Oregon
About this file
This is Addendum #1 to RFP No. C2021551 issued by the Oregon Business Development Department regarding the Commercialization Gap Fund Manager position. The addendum addresses clarifications regarding the investment timeline, matching fund requirements, and evaluation criteria for prospective fund managers. The Oregon Business Development Department expects the majority of investments to occur between January 2022 and June 2023, with the understanding that this represents a relatively accelerated investment pace and that the investment period may be extended if necessary through negotiation with the selected fund manager. The original proposal deadline remains unchanged from the initial RFP announcement.
Regarding funding and financial requirements, matching funds need not be fully secured prior to proposal submission, with letters of intent considered sufficient at the application stage; however, any contract awarded will include a contingency clause making capital receipt dependent upon match funds being raised. The state's expectation is that matching funds will be secured on a 1:1 basis for the entire fund, though matching funds secured on a deal-by-deal basis are favored over no matching funds at all. The addendum clarifies that letters of support from portfolio company founders will not be considered in the evaluation process and will not count against page limits, as no external letters of support are permitted in the assessment of proposals.
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Addendum #1 to RFP No. C2021551 “Commercialization Gap Fund Manager RFP”
The Oregon Business Development Department has received several questions regarding the requested services, and while the deadline for proposals remains unchanged, we wish to provide responses to the questions received to date since the previous addendum. None of these answers modify or add to the directions in the RFP document. However, you may find the following information useful in preparing your proposal. Thanks for your continued efforts and interest.
| Q1. | Part of the RFP asks for the proposed pace of investment over the biennium. The current biennium runs July, 2021 - June 2023. Since the manager likely won't be chosen until the end of the year, and negotiations will take time, the first distribution from the State to the Fund can be expected near the end of Q1 or early in Q2, 2022. This leaves ~15-17 months before the biennium runs out. Should proposers plan their investment pace for this constricted time frame (and explain the pace accordingly)?? | |
| A1. | OBDD’s expectation is that the majority of investments would occur January 2022 through June 2023. Recognizing that this is a relatively fast investment pace, we expect to work with the fund manager to extend the investment period if the original pacing becomes untenable. | |
| Q2. | Do matching funds need to be secured prior to the application submission? Is a letter of intent or soft commitment enough? | |
| A2. | Yes. • | A letter of intent is sufficient for proposal submission. If selected as Fund Manager, there will be a clause in the contract that capital received is contingent upon match raised. |
| Q3. | How will reviewers evaluate the ability of the prospective manager to secure matching funds on a deal by deal basis rather than 1:1 for the entire Fund?? | |
| A3. | The expectation for match is as 1:1 for entire Fund. However, matching funds on a deal by deal basis is favored over not having any matching funds. We acknowledge the fundraising challenges the Commercialization Gap Fund has given the limited time period of fund deployment, but, we believe it is important for GPs to have skin in game and we want to leverage private investors for the Gap Fund. | |
| Q4. | In addition to references, can we provide letters of support from our portfolio company founders highlighting the work we have done to support them? Will these count against the final page limit? | |
| A4. | No letters of support will be considered in the evaluation. |
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