C2025716_SSBCI_BOV Direct_RFQ.pdf

RFQ S-12300-00016749 – State Small Business Credit Initiative (SSBCI) Business Oregon Venture Direct Program

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Oregon Business Development Department

Request for Qualifications (RFQ):

State Small Business Credit Initiative (SSBCI)

Business Oregon Venture Direct Program

Date of Issue: April 24, 2026

OBDD RFQ no. C2025716 OregonBuys no. S-12300-00016749

Single Point of Contact (“SPC”):

Alexis Kackley, Procurement and Contract Specialist Oregon Business Development Department 775 Summer Street NE, Suite 310 Salem, OR 97301 Telephone: 971-453-2167

Email: Alexis.M.Kackley@biz.oregon.gov

The State of Oregon promotes equal opportunity for all individuals without regard to age, color, disability, marital status, national origin, race, religion or creed, sex or gender, sexual orientation, or veteran status.

LIST OF ATTACHMENTS

• Attachment A – Proposer Information and Certification Sheet

• Attachment B – Disclosure Exemption Affidavit (Optional)

• Attachment C – Responsibility Inquiry mailto:Alexis.M.Kackley@biz.oregon.gov

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TABLE OF CONTENTS

SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

1.2 SCHEDULE

1.3 OREGONBUYS

SECTION 2: AUTHORITY and OVERVIEW

2.1 AUTHORITY AND METHOD

2.2 DEFINITION OF TERMS

2.3 OVERVIEW AND PURPOSE

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

3.2 MINIMUM SUBMISSION REQUIREMENTS

3.3 PROPOSAL REQUIREMENTS

SECTION 4: SOLICITATION PROCESS

4.1 PUBLIC NOTICE

4.2 QUESTIONS / REQUESTS FOR CLARIFICATIONS

4.3 SOLICITATION PROTESTS

4.4 PROPOSAL DELIVERY

4.5 PROPOSAL MODIFICATION OR WITHDRAWAL

4.6 PROPOSAL DUE

4.7 PROPOSAL REJECTION

4.8 OPENING OF PROPOSALS

4.9 EVALUATION PROCESS

4.10 SCORE CALCULATIONS

4.11 SCORING OF PROPOSERS

SECTION 5: AWARD AND NEGOTIATION

5.1 AWARD NOTIFICATION PROCESS

5.2 INTENT TO AWARD PROTEST

5.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

5.4 CONTRACT NEGOTIATION

SECTION 6: ADDITIONAL INFORMATION

6.1 GOVERNING LAWS AND REGULATIONS

6.2 OWNERSHIP/PERMISSION TO USE MATERIALS

6.3 CANCELLATION OF RFQ; REJECTION OF PROPOSAL; NO DAMAGES

6.4 COST OF SUBMITTING A PROPOSAL

6.5 STATEWIDE E-WASTE/RECOVERY PROCEDURE

6.6 RECYCLABLE PRODUCTS

6.7 RESERVATION OF RIGHTS

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SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

The American Rescue Plan Act of 2021 (“ARPA”) provides for, among other things, the reauthorization of the State Small Business Credit Initiative (“SSBCI”), which was enacted to provide financial support to small businesses.

The State of Oregon, acting by and through the Oregon Business Development Department, (“Business Oregon” or “Agency”), is seeking proposals to deploy SSBCI capital through a direct venture capital program called the Business Oregon Venture Direct Program (“BOV Direct Program”).

This document constitutes a Request for Qualifications (“RFQ”), in a competitive format, seeking entities (“Proposers”) to act as Business Oregon’s co-investment partner. The selected Proposer will form a new entity, e.g., limited partnership (“LP”) or limited liability company (“LLC”), and will operate as the general partner or managing member with Business Oregon as a limited partner or member. The new entity will invest SSBCI funds directly in Oregon firms consistent with the SSBCI (the “Program”). Proposers to this RFQ shall provide a proposal, in accordance with the terms and conditions set forth herein, to facilitate and carry out the Program.

Business Oregon has received funding from the SSBCI program to be used to fund BOV Program investments. Agency anticipates the award of one or more contracts (“Contracts”) from this solicitation. The initial term of each Contract is anticipated to be 10 years. Agency reserves the right to amend Contracts to extend the term or to provide for reasonably related services, dependent on need and approved budget, without conducting further solicitation activities.

1.2 SCHEDULE

Agency intends to leave this RFQ open for a period of five years. Accordingly, the RFQ will remain active in OregonBuys through 31 December 2031, or until Agency has awarded all allocated SSBCI funds, whichever occurs first. Agency anticipates accepting proposals on a rolling basis throughout the 5-year open period. However, Agency may alternatively specify discrete open periods in OregonBuys for proposal acceptance within the 5-year period. Agency will review proposals once a month beginning May 2026.

1.3 OREGONBUYS

This RFQ, including all addenda, attachments, and exhibits, is posted as a Bid Solicitation in the OregonBuys web-based eProcurement System. The OregonBuys website is available at:

http://oregonbuys.gov. OregonBuys is the only official repository for RFQ documents; RFQ documents will not be separately mailed. Agency assumes no responsibility for content obtained from other sources.

Modifications, if any, to this RFQ will be published as Bid Amendment(s) in OregonBuys. Proposers are solely responsible for checking OregonBuys to determine whether or not any Bid Amendments have been issued. Bid Amendments are incorporated into the RFQ by this reference.

1.3.1 OREGONBUYS ASSISTANCE

Parties needing assistance with OregonBuys may contact the OregonBuys Helpdesk by telephone at http://oregonbuys.gov/

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1.855.800.5046 or by email at support.oregonbuys@oregon.gov. Proposers may find additional information regarding OregonBuys at:

https://www.oregon.gov/das/ORBuys/Pages/supplierresources.aspx.

1.3.2 OREGONBUYS REGISTRATION INFORMATION

Proposers must be registered in OregonBuys and must be qualified to do business with the State of Oregon. Registration in OregonBuys is free. The submission of current and correct registration information is the sole responsibility of the proposer. Agency accepts no responsibility to notify proposers of missing or incorrect information.

To create a vendor account, click the blue “Supplier Registration” button in the top right corner of the OregonBuys website. For registration assistance, see vendor registration guidance:

https://www.oregon.gov/das/ORBuys/Documents/SupplierRegistrationGuide.pdf. Vendors are responsible for ensuring that their vendor registration and information is current and correct in OregonBuys. SINGLE POINT OF CONTACT (SPC)

The SPC for this RFQ is identified as the Purchaser in OregonBuys and on the Cover Page of this RFQ. Proposer shall direct all communications related to any provision of the RFQ only to the SPC, whether about the technical requirements of the RFQ, contractual requirements, the RFQ process, or any other provision.

SECTION 2: AUTHORITY AND OVERVIEW

2.1 AUTHORITY AND METHOD

Business Oregon is issuing this RFQ on behalf of the Oregon Innovation Council. The resulting contract is authorized by ORS 284.742 and is not subject to the Public Contracting Code pursuant to ORS 279A.025(3)(i). However, Agency, at its own discretion, is following select parts of the procedures for competitive sealed proposals as described in ORS 279B.060 and reserves the right to conduct further selection stages as Agency, in its sole discretion, deems necessary.

The SSBCI provisions are codified at 12 U.S.C. § 5701 et. seq.

2.2 DEFINITION OF TERMS

2.2.1 General Definitions

For the purposes of this RFQ, capitalized words not specifically defined in this document are defined in ORS 279A.010, ORS 279B.005, and OAR 137-046-0110.

2.3 OVERVIEW AND PURPOSE

2.3.1 Agency Overview and Background

Agency is the State of Oregon’s economic development agency. Our mission is to invest in Oregon’s businesses, communities, and people to promote a globally competitive, diverse, and inclusive economy. To achieve this mission, the agency administers more than 80 core programs.

To learn more about our Agency, please visit our webpage: https://www.oregon.gov/biz mailto:support.oregonbuys@oregon.gov https://www.oregon.gov/das/ORBuys/Pages/supplierresources.aspx https://oregonbuys.gov/bso/view/login/login.xhtml https://www.oregon.gov/das/ORBuys/Documents/SupplierRegistrationGuide.pdf https://www.oregon.gov/biz

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2.3.2 Project Overview, Background, and Purpose

ARPA reauthorized and amended the Small Business Jobs Act of 2010 (“SBJA”) to provide $10 billion to fund the SSBCI as a response to the economic effects of the COVID-19 pandemic. SSBCI is a federal program administered by the U.S. Department of the Treasury (“Treasury”) that was created to strengthen state programs that support private financing to small businesses. SSBCI has created billions of dollars in lending and investments to small businesses that otherwise would lack the support they need to expand and create jobs. Treasury has announced that the SSBCI program will terminate in March 2028, at which time all funds previously disbursed by Treasury are expected to revert to the states that received those funds. All program investment parameters and requirements, including reporting requirements, are expected to terminate at that time.

Business Oregon is deploying SSBCI capital through two program categories: Capital Access Programs (“CAPs”) and Other Credit Support Programs (“OCSPs”). This RFQ is for one venture capital program eligible under SSBCI’s OCSP guidelines. Specifically, Business Oregon will seek to deploy from $5 million to $10 million through a co-investment partner(s), although Agency will consider other amounts based on the availability of funds and the Proposer’s ability to deploy those funds. The allocation will be made as part of the second tranche, and potentially the third tranche, of SSBCI funds, as available. Business Oregon received the first tranche from Treasury in 2022 and the second tranche in 2025. While the precise timing has not yet been determined, Business Oregon expects to receive the third tranche in approximately 2027.

The BOV Direct Program will hire one or more investors with extensive venture capital experience to co-invest, either directly or through other investors, in SSBCI-eligible companies.

In accordance with the SSBCI Capital Program Policy Guidelines, SSBCI funds for each jurisdiction, including Oregon, are intended to benefit that jurisdiction, its businesses, and its residents. Treasury requires each jurisdiction to use at least 90 percent of its capital allocation for investments located in the jurisdiction. This means that, at most, 10 percent of a jurisdiction’s SSBCI allocation may be used to support investments for out-of-jurisdiction small businesses. For each investment located outside of the jurisdiction, the jurisdiction must provide a reasonable explanation of the benefits of that investment to businesses located in the jurisdiction.

Business Oregon will approve all investees prior to funding to confirm they meet SSBCI program requirements. Examples of items to be considered are geographical requirements, industry sector and company size.

Proposers should review and understand the following source material (these are subject to change as per the Treasury – Proposers are responsible for ensuring they access and review the most recent versions):

• U.S. Department of the Treasury - State Small Business Credit Initiative - Capital Program Policy Guidelines https://home.treasury.gov/system/files/136/SSBCI-Capital-Program-Policy-Guidelines.pdf

• U.S. Department of the Treasury - State Small Business Credit Initiative (SSBCI) Program - Fact Sheet – June 2023 https://home.treasury.gov/system/files/256/State-Small-Business-Credit-Initiative-SSBCI-Fact- Sheet.pdf

• U.S. Department of the Treasury - State Small Business Credit Initiative (SSBCI) - Frequently Asked Questions - Updated https://home.treasury.gov/system/files/136/SSBCI-Capital-Program-Policy-Guidelines.pdf https://home.treasury.gov/system/files/136/SSBCI-Capital-Program-Policy-Guidelines.pdf https://home.treasury.gov/system/files/256/State-Small-Business-Credit-Initiative-SSBCI-Fact-Sheet.pdf https://home.treasury.gov/system/files/256/State-Small-Business-Credit-Initiative-SSBCI-Fact-Sheet.pdf

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• U.S. Department of the Treasury - State Small Business Credit Initiative - Capital Program Reporting Guidance - Revised December 17, 2024 https://home.treasury.gov/system/files/136/SSBCI-Reporting-Guidance.pdf

• U.S. Department of the Treasury - State Small Business Credit Initiative - Capital Program Sample Certifications - July 2022 https://home.treasury.gov/system/files/256/SSBCI_Sample_Certifications.pdf

• Summary of the Interim Final Rule on collecting demographics-related data of those who own or control small businesses that participate in SSBCI – issued March 10, 2022 https://www.govinfo.gov/content/pkg/FR-2022-03-10/pdf/2022-04843.pdf

The selected Proposer will be required to sign applicable certifications at time of contract award and at time of investments.

For additional information please access the Treasury’s SSBCI program home page:

https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci

2.3.3 Investment Parameters

Please reference Treasury’s investment parameters for venture capital OCSPs as set forth in the above publications. The selected Proposer will coordinate with Business Oregon staff to implement an investment strategy that aligns both with Treasury guidelines as well as Oregon’s rules. The selected Proposer will deploy SSBCI capital to co-invest alongside other lead venture capital investors to minimize negotiations and secure the minimum required 1:1 private financing match (although a private financing match of greater than 1:1 is desirable.) SSBCI funds will only be in funding rounds smaller than $20 million, and at least 90 percent of the capital allocation will be invested in Oregon-based companies, as described in Section 2.3.2 above.

2.3.4 Investment Requirements

2.3.4.1 Investment Entity Formation: Establish the legal and organizational structure of the investment vehicle (the “Vehicle”), including formation of the investment committee, establishment of the legal entity structure, and institution of accounting and reporting processes that satisfy the Treasury guidelines for the SSBCI program.

2.3.4.2 Relationships and Publicity: Establish relationships with a wide range of leading investors to ensure that investors are aware of the Vehicle and that the awardee can attract a wide range of co-investors. This includes outreach to businesses owned by Socially and Economically Disadvantaged Individuals (“SEDI”) as well as those that qualify as Very Small Businesses (“VSB”), as defined by Treasury SSBCI guidelines.

2.3.4.3 Investment Evaluation and Selection: Establish and manage the evaluation and selection process for investment candidates. Coordinate with Business Oregon staff prior to making commitments. At a minimum, Business Oregon staff will review all potential investments to ensure that they meet the minimum eligibility requirements.

Business Oregon staff may also take part in the screening and due diligence https://home.treasury.gov/system/files/136/SSBCI-FAQs.pdf https://home.treasury.gov/system/files/136/SSBCI-Reporting-Guidance.pdf https://home.treasury.gov/system/files/256/SSBCI_Sample_Certifications.pdf https://www.govinfo.gov/content/pkg/FR-2022-03-10/pdf/2022-04843.pdf https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci

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2.3.4.4 Transactions: Structure and negotiate investment transactions to comply with Treasury SSBCI guidelines, including legal and reporting documentation.

2.3.4.5 Conflicts of Interest: Establish practices based on Treasury SSBCI guidelines to identify and avoid potential conflicts of interest.

2.3.4.6 Reporting: Provide reports and data on Vehicle activities in accordance with Treasury SSBCI guidelines. Reports should include investment performance, leverage, and results, including number of jobs created. Coordinate with Agency to gather information from the companies that receive investments that are sufficient to satisfy Treasury SSBCI guidelines prior to making commitments.

2.3.4.7 Compliance: Coordinate with Agency to establish reporting mechanisms, audits, and other internal controls and compliance activities to ensure compliance with the Treasury SSBCI program.

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

To be considered for evaluation, Proposer must be a registered vendor in OregonBuys. Furthermore, Proposer must be a Venture Capital (“VC”) fund manager with experience investing in Oregon startups as described in Section 2.3.2. While the selected firm is not required to be Oregon-based, the firm will be required to have a presence in Oregon to ensure they are available to meet with Oregon businesses and evaluate Oregon financings.

3.2 MINIMUM SUBMISSION REQUIREMENTS

3.2.1 Proposal Submissions

To be considered for evaluation, Proposal must contain each of the following documents (further detailed in Proposal Requirements section 3.3), completed and signed as requested:

• Evaluation Criteria – Responses to each of the Evaluation Criteria listed in Section 4.9.2

• Attachment A - Proposer Information and Certification Sheet (Required)

• Attachment B - Disclosure Exemption Affidavit – (Optional)

• Attachment C - Responsibility Inquiry – (Required)

3.2.2 Proposal Page Limits

Proposals are limited to 12 pages. The page limits, if any, for individual sections are described in Section 3.3. Agency will consider the pages up to that allowable number and discard all pages in excess of the allowable number. One (1) page is defined as: one side of a single 8-1/2" x 11" page, with 12-point minimum font size for the substantive text. Proposers may use their discretion for the font size of other materials (e.g., graphics, charts). Any page or partial page with substantive text, graphics, charts, resumes, etc., will be counted as one (1) page. Any pages exceeding this limit will not be provided to the evaluation committee or considered in the evaluation.

The following items do not count toward the page limit:

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• Cover Sheet/Table of Contents

• Attachment A - Proposer Information and Certification Sheet (Required)

• Attachment B - Disclosure Exemption Affidavit (Optional)

• Attachment C - Responsibility Inquiry (Required)

3.2.3 Proposal Format and Quantity

Proposal should follow the format and reference the sections listed in Section 3.3 (Proposal Requirements). Responses to each section and subsection should be labeled to indicate the item being addressed.

Proposer shall submit its Proposal and all other submittal requirements electronically through OregonBuys. Proposer shall follow the procedures outlined in Section 4.4 for electronic submission.

Proposer shall submit a copy of its Proposal and all other submittal requirements. The Agency will accept Proposals in electronic files compatible with Microsoft Office applications.

The signed Proposer Information and Certification Sheet (Attachment A), as required by section 3.2.1, bearing the Proposer’s authorized representative’s Signature must be submitted as a .PDF file.

If Proposer believes any part of its Proposal is exempt from disclosure under Oregon Public Records Law (ORS 192.311 through 192.478), Proposer shall complete and submit the Disclosure Exemption Affidavit (Attachment B), along with a fully redacted version of its Proposal, clearly identified as the redacted version.

Agency requests that you do not password protect your original submissions even if you also provide an additional copy of your submission that is not password protected. Agency sometimes needs to separate the documents within a Proposal submission for the purposes of evaluation. Please contact the SPC if you have any questions or concerns.

Failure to demonstrate compliance with these submission requirements may result in a finding of non- Responsiveness.

3.2.4 Authorized Representative Signature

Failure of Proposer’s authorized representative to sign the Proposal may result in rejection of the Proposal by Agency.

3.3 PROPOSAL REQUIREMENTS

Proposal must address each of the items listed in this section and all other requirements set forth in this RFQ. Proposer shall describe the services to be performed (“Services”). A Proposal that merely offers to provide the services as stated in this RFQ will be considered non-Responsive to this RFQ and will not be considered further.

Proposal should not include extensive artwork, unusual printing or other materials not essential to the utility and clarity of the Proposal. Do not include marketing or advertising material in the Proposal, unless requested. Proposal should be straightforward and address the requests of the RFQ. Proposal containing unsolicited marketing or advertising material may receive a lower evaluation score if required information is difficult to locate.

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3.3.1 Response to Evaluation Criteria (Scored, Required)

The response to Evaluation Criteria must provide a comprehensive response to each of the questions in Section 4.9.2 – Evaluation Criteria.

3.3.2 Proposer Information and Certification Sheet (Attachment A, Not Scored, Required)

Proposer shall complete and submit the Proposer Information and Certification Sheet (Attachment A).

The signed Proposer Information and Certification Sheet (Attachment A), bearing the Proposer’s authorized representative’s signature must be submitted as a .PDF file.

Failure to demonstrate compliance with Oregon Tax Laws and to sign the Proposer Information and Certification Sheet will result in a finding of non-Responsibility.

3.3.3 Disclosure Exemption Affidavit (Attachment B, Optional, Not Scored)

All Proposals are public records and are subject to public inspection after Agency issues the Notice of the Intent to Award. Attachment B is required only if Proposer believes any of its Proposal is exempt from disclosure under Oregon Public Records Law (ORS 192.311 through 192.478).

If Proposer believes any of the Proposal is exempt from public disclosure:

• Proposer shall complete and submit the Disclosure Exemption Affidavit, Attachment B.

• Proposer shall submit a fully redacted version of its Proposal, clearly identified as the redacted version. This is in addition to submitting a non-redacted Proposal.

• Proposer shall mark as “Confidential” in OregonBuys on both the redacted and non-redacted versions all attachments Proposer believes are exempt from public disclosure or include information that is exempt from public disclosure. Proposer is cautioned that cost information generally is not considered a trade secret under Oregon Public Records Law and identifying the Proposal, in whole, as exempt from disclosure is not acceptable. Agency advises each Proposer to consult with its own legal counsel regarding disclosure issues.

If Proposer fails to identify the portions of the Proposal that Proposer claims are exempt from disclosure, Proposer has waived any future claim of non-disclosure of that information.

3.3.4 Responsibility Inquiry (Attachment C, Not Scored, Required)

Proposer shall complete and submit the Responsibility Inquiry (Attachment C). See section 4.9.1.2 for further details.

3.3.5 Key Persons and Resumes (Not Scored, Optional)

Provide a Key Person list of the specific individuals who would be assigned key positions for this project. Include, by individual, a description of their duties and responsibilities for this project. Attach a 2-page maximum resume for each person identified as a Key Person. The skills and experience of the staff assigned to the project must be comparable to those submitted in the Proposal. Agency reserves the right to determine comparability. If a Contract results from the Proposal, substitutions or replacement of staff identified as Key Persons must be approved in advance by Agency.

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SECTION 4: SOLICITATION PROCESS

4.1 PUBLIC NOTICE

The RFQ and attachments are published in OregonBuys at https://oregonbuys.gov/. RFQ documents will not be mailed to Proposers.

Modifications, if any, to this RFQ will be made by one or more written Amendments published in OregonBuys. Proposer is solely responsible for checking OregonBuys to determine whether or not any Amendments have been issued. Amendments are incorporated into the RFQ by this reference.

4.2 QUESTIONS / REQUESTS FOR CLARIFICATIONS

All inquiries, whether relating to the RFQ process, administration, deadline, or method of award, or to the intent or technical aspects of the RFQ must be submitted by email to the SPC identified on the Cover Page of this RFQ.

Answers to substantive questions submitted by potential Proposers will be issued as official addenda to this RFQ. Changes or modifications to this RFQ shall be binding on the Agency only if in the form of written addenda issued by Agency.

Agency will provide addenda by posting them to OregonBuys. Anyone who has received a copy of this RFQ from a source other than Agency is responsible for checking with the SPC or online postings. Agency is not responsible for sending addenda to any potential Proposers.

4.3 SOLICITATION PROTESTS

4.3.1 Protests to RFQ

Prospective Proposer may submit a written protest of anything contained in this RFQ, including but not limited to, the RFQ process, specifications, and the scope of work. This is prospective Proposer’s only opportunity to protest the provisions of the RFQ, except that Proposer may protest Amendments as provided below.

4.3.2 Protests to Amendment(s)

Prospective Proposer may submit a Written protest of anything contained in an Amendment to this RFQ. Protests to an Amendment, if issued, must be submitted by 5:00 p.m. Pacific Time on the second Business Day following the issuance of the Amendment or the date/time specified in the Amendment, or they will not be considered. Protests of matters not added to or modified by the Amendment will not be considered.

4.3.3 Requirements for Protests

All protests must:

• Be delivered to the SPC via email;

• Reference the OregonBuys solicitation number;

• Identify prospective Proposer’s name and contact information;

• Be sent by an authorized representative;

https://oregonbuys.gov/

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• State the reason for the protest, including:

o the grounds that demonstrate how the procurement process is contrary to law, Unnecessarily Restrictive, Legally Flawed, or improperly specifies a Brand Name;

and o evidence or documentation that supports the grounds on which the protest is based;

and

• State the proposed changes to the RFQ provisions or other relief sought.

Protests to the RFQ must be received no later than 5:00 p.m. Pacific Time on the seventh day following the issuance date of this RFQ.

Protests to an Amendment must be received by the due date identified in the Amendment or Section

4.3.2 of this RFQ.

Agency will not consider any solicitation protest submitted after the deadline established in this RFQ.

4.4 PROPOSAL DELIVERY

Proposers shall submit their Proposals and all other submittal requirements using https://oregonbuys.gov/bso/. Proposer is solely responsible for ensuring its Proposal is submitted through OregonBuys in accordance with the RFQ requirements by any due date specified in OregonBuys (“Due Date”) Agency is not responsible for any transmission errors or delays, or for any mis-delivery for any reason. Proposals submitted by any means not authorized will not be accepted.

Proposer should follow the procedures outlined in detailed instructions on how to submit a Proposal (Bid) which can be found at https://www.oregon.gov/das/ORBuys/Pages/supplierresources.aspx.

4.5 PROPOSAL MODIFICATION OR WITHDRAWAL

If a Proposer wishes to make modifications to a submitted Proposal, or to withdraw its Proposal, it must do so through OregonBuys prior to the applicable Due Date.

4.6 PROPOSAL DUE

Proposals (including all required submittal items) must be received in OregonBuys on or before any applicable Due Date All Proposal modifications or withdrawals must also be received prior to any applicable Due Date. Agency relies on the OregonBuys system clock to determine the correct time and is not responsible for any errors of any kind involved with electronic submission, delays, or difficulties experienced in the transmission of any Proposal, or for notifying Proposers of complete or incomplete receipt of a Proposal.

Proposals received after an applicable Due Date are considered LATE and will NOT be accepted for evaluation.

Agency anticipates opening all timely received Proposals electronically on a monthly basis.

4.7 PROPOSAL REJECTION

Agency may reject a Proposal for any of the following reasons:

• Proposer fails to substantially comply with all prescribed RFQ procedures and requirements, https://oregonbuys.gov/bso/ https://www.oregon.gov/das/ORBuys/Pages/supplierresources.aspx

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• Proposer has liquidated and delinquent debt owed to the State or any department or agency of the State.

• Proposer fails to meet the responsibility requirements of ORS 279B.110.

• Proposer makes any contact regarding this RFQ with State representatives such as State employees or officials other than the SPC or persons authorized by the SPC, or inappropriate contact with the SPC.

• Proposer attempts to influence a member of the Evaluation Committee.

• Proposal is conditioned on Agency’s acceptance of any other terms and conditions or rights to negotiate any alternative terms and conditions.

4.8 OPENING OF PROPOSALS

There will be no public Opening of Proposals. Proposals received will not be available for inspection until after the evaluation process has been completed and the Notice Award is issued.

4.9 EVALUATION PROCESS

4.9.1 Responsiveness and Responsibility Determination

4.9.1.1 Responsiveness determination

A Proposal received prior to Opening will be reviewed to determine if it is Responsive to all RFQ requirements including compliance with Section 3.1 (Minimum Qualifications) and Section 3.2 (Minimum Submission Requirements). If the Proposal is unclear, the SPC may request clarification from Proposer. However, clarifications may not be used to rehabilitate a non-Responsive proposal. If the SPC finds the Proposal non-Responsive, the Proposal may be rejected; however, Agency may waive mistakes in accordance with OAR 137-047-0470.

4.9.1.2 Responsibility Determination

Agency will determine if a Proposer is Responsible prior to reviewing and scoring a Proposal.

Proposer shall submit a signed Responsibility Inquiry form (Attachment C) as part of its Proposal. At any time prior to award, Agency may reject a Proposal if the Proposer is found to be not Responsible.

4.9.2 Evaluation Criteria

Each Proposal meeting all Responsiveness requirements will be independently evaluated by members of an Evaluation Committee. The composition of the Evaluation Committee may change, and Agency may have additional or fewer evaluators for optional rounds of competition. Evaluators will assign a score of 0% to 100% for each evaluation criterion listed below in this section up to the maximum points available as specified in Section 4.10 (Score Calculations).

SPC may request further clarification to assist the Evaluation Committee in gaining additional understanding of a Proposal. A response to a clarification request may only clarify or explain portions of the already submitted Proposal and may not contain new information not included in the original Proposal.

Proposers must respond to each of the following:

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4.9.2.1 Proposer’s Experience – Please provide the following (30 points maximum):

• Qualifications and expected organizational chart for the fund manager, including board, advisors and staff.

• Experience managing venture capital co-investment vehicles. Also provide examples of the vehicle structures.

• History of working with potential co-investment partners, including your strategy for identifying potential partners for each co-investment deal.

• Experience investing in Oregon startups.

• Experience sourcing and investing in SEDI-owned businesses and VSBs given that Treasury has a target for the amount of funds invested in those businesses. Also provide a summary of SEDI and VSB investments as a percentage of total investments over the past five years.

• Experience with the Securities and Exchange Commission (“SEC”) or experience working for registered funds.

4.9.2.2 Strategy and Investment Process – Please provide the following (30 points maximum):

• Expected structure (include minimum / maximum SSBCI investment into the proposed vehicle, and anticipated amount of private funds raised, if any), plan, and timetable for launch of the Vehicle in mid to late-2026.

• Expected pipeline and pace of investments, as well as strategy for identifying companies to invest in

• Expected range of investment size and structure. Please include minimum and maximum investment amounts; maximum investment amount as a percentage of total investments made in each round; and types of investments (e.g., equity, preferred equity, subordinated debt, etc.).

• Expected investment stage (pre-seed, seed, series A, etc).

• Expected process for determining and documenting the “cause and result” of private capital leverage related to the investment. In addition, please complete and submit the leverage ratio table for your Proposal (https://home.treasury.gov/system/files/256/SSBCI- OCSPLeverageTables-02102022.xlsx).

• Expected process for monitoring compliance and performance of outstanding investments.

• Expected process for addressing investment write-offs.

• Expected private funds to be provided, including the preferred method of providing such funds

(such as co-investments, side cars, and administration).

4.9.2.3 Management Fees and Administrative Costs – Please provide the following (20 points maximum):

• Details of the fund’s fee structure. Identify administrative costs (e,g, legal, accounting, Directors and Officers liability insurance and any other administrative costs) and describe whether these costs are included in the management fee. As you consider your response, please reference Treasury’s compensation parameters outlined in the SSBCI Capital Program Policy Guidelines and FAQs linked above.

4.9.2.4 Impacts – Please provide the following (15 points maximum):

• Expected plan for attracting investable companies including how the Vehicle will reach out to SEDI-owned businesses.

• A description of the expected number of full-time equivalent jobs (as defined in the SSBCI Capital Program Reporting Guidance) created post-investment.

https://home.treasury.gov/system/files/256/SSBCI-OCSPLeverageTables-02102022.xlsx https://home.treasury.gov/system/files/256/SSBCI-OCSPLeverageTables-02102022.xlsx

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• Expected private financing leverage from investments, including subsequent capital raised through additional private equity investment and/or business loans.

4.9.2.5 Accounting and Back Office – Please provide the following (5 points maximum):

• A description of the valuation policy for the Vehicle (i.e. the approach by which the Vehicle will determine the fair value of a portfolio company).

• A description of the internal accounting and administrative controls systems for the Vehicle and the extent to which such systems can provide reasonable assurance that the SSBCI funds will be safeguarded against waste, loss, unauthorized use and misappropriation. For example, provide evidence of one or more of the following:

o Periodic internal audits;

o Annual independent audits (including management letters);

o Program financial statements current within the past year; and/or, o Adequate accounting and financial management systems.

4.9.2.6 Proposer Information and Certification Sheet (Attachment A) (Not Scored):

Proposer must complete and sign the Proposer Information and Certification Sheet (Attachment A) and submit as a PDF file. The Proposer Information and Certification Sheet must be signed by a duly Authorized Representative of the Proposer empowered to bind the Proposer.

4.9.2.7 Point Calculation

SCORE EXPLANATION

1-59 POOR TO FAIR – Proposer meets minimum requirements but does not demonstrate “Satisfactory” knowledge of the subject matter.

60-70 SATISFACTORY– Response meets all requirements in an acceptable manner.

Response demonstrates an ability to comply with guidelines, parameters, and requirements with little or no additional value provided.

71-89

GOOD TO VERY GOOD – Response provides useful information, while showing experience and knowledge within the affected services area. Response demonstrates above average knowledge and ability with no apparent deficiencies noted.

90-100

OUTSTANDING - Response meets all the requirements and has demonstrated in a clear and concise manner a thorough knowledge and understanding of the subject matter and opportunity. Proposer provides deep and meaningful insight into its expertise, knowledge, and understanding of the subject matter.

4.10 SCORE CALCULATIONS

For each of the five criteria listed in section 4.9.2.1, the SPC will average the evaluator scores by totaling the points awarded by each Evaluation Committee member and dividing by the number of evaluators to determine the average score for the criterion. The SPC will then add up the average scores for the five criteria to determine each Proposer’s total score, with a total possible score of 100.

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MAXIMUM POINTS POSSIBLE 100

4.10.2.1 Proposers Experience 30

4.10.2.2 Strategy and Investment Process 30

4.10.2.3 Management Fees and Administrative Costs 20

4.10.2.4 Impacts 15

4.10.2.5 Accounting and Back Office 5

4.11 SCORING OF PROPOSERS

Agency may, in Agency’s sole discretion, determine an apparent successful Proposer with no additional rounds of competition. If additional rounds are conducted, Agency will assign scores to advancing Proposers at the conclusion of each subsequent round and may determine an apparent successful Proposer at any time during the solicitation process.

If Agency conducts two or more rounds of competition, the rounds will be scored independently.

Once the scoring from a previous round is complete and a Competitive Range has been determined, Proposers participating in a subsequent round will compete on an equal basis – Total Calculated Points from the previous round will be set aside and will not carry over.

SECTION 5: AWARD AND NEGOTIATION

5.1 AWARD NOTIFICATION PROCESS

5.1.1 Award Consideration

Agency, if it awards any Contracts, will award Contracts to responsible Proposers who receive a score of 70 or above based upon the scoring methodology and process described in section 4. Agency may award less than the full scope of work described in this RFQ.

5.1.2 Intent to Award Notice

Agency’s Intent to Award Notice will be published as an Amendment in OregonBuys notifying that Agency intends to award a Contract to the selected Proposer(s) subject to successful negotiation of a Contract.

Agency may withdraw an Intent to Award Notice if:

1) Proposer fails to submit required follow-up documents that are satisfactory as determined by

Agency;

2) Proposer fails to come to agree to and execute a Contract acceptable to Agency within 45 days following Agency’s issuance of the Intent to Award Notice;

3) Agency determines that such withdrawal is in the best interest of Agency.

5.2 INTENT TO AWARD PROTEST

5.2.1 Protest Submission

An Affected Proposer shall have 7 calendar days from the date of the Intent to Award notice to file a Written protest. A Proposer is an Affected Proposer only if the Proposer would be eligible for Contract award in the event the protest was successful and is protesting for one or more of the

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• All higher ranked Proposals are non-Responsive.

• Agency has failed to conduct an evaluation of Proposals in accordance with the criteria or process described in this RFQ.

• Agency abused its discretion in rejecting the protestor’s Proposal as non-Responsive.

• Agency’s evaluation of Proposal or determination of award otherwise violates ORS Chapter 279B or ORS Chapter 279A.

5.2.1.1 Protest Requirements

Protests must:

• Be delivered to the SPC via email;

• Reference the OregonBuys bid number;

• Identify Proposer’s name and contact information;

• Be signed by an authorized representative of Proposer;

• Specify the grounds for the protest; and

• Be received within 7 calendar days of the Intent to Award notice.

5.2.2 Response to Protest

Agency will address all timely submitted protests within a reasonable time and will issue a Written decision to the respective Proposer. Protests that do not include the required information may not be considered by Agency.

5.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

Proposers who are selected for a Contract award under this RFQ will be required to submit additional information and comply with the following:

5.3.1 Insurance

Prior to execution of the Contract, Proposer shall secure and demonstrate to Agency proof of insurance as required by Agency.

5.3.2 Failure to demonstrate such coverage may result in Agency terminating negotiations with the Proposer. Taxpayer Identification Number

Proposer shall provide its Taxpayer Identification Number (TIN) and backup withholding status on a completed W-9 form when requested by Agency or when the backup withholding status or any other relevant information of Proposer has changed since the last submitted W-9 form, if any.

5.3.3 Business Registry

If selected for award, Proposer shall be duly authorized by the State of Oregon to transact business in the State of Oregon before executing the Contract. Visit http://sos.oregon.gov/business/pages/register.aspx for Oregon Business Registry information.

5.3.4 Pay Equity Certification

http://sos.oregon.gov/business/pages/register.aspx

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If selected for award and the Contract value exceeds $500,000 and Proposer employs 50 or more full-time workers, Proposer shall submit to Agency a true and correct copy of an unexpired Pay Equity Compliance Certificate, issued to the Proposer by the Oregon Department of Administrative Services.

For instructions on how to obtain the certificate, visit https://www.oregon.gov/das/Procurement/Pages/PayEquity.aspx.

ORS 279B.110(2)(f) requires that Proposer provide this certificate prior to execution of the Contract.

5.3.5 Nondiscrimination in Employment

As a condition of receiving the award of a Contract under this RFQ, Proposer must certify by its Signature on Attachment A - Proposer Information and Certification Sheet, in accordance with ORS 279A.112, that it has in place a policy and practice of preventing sexual harassment, sexual assault, and discrimination against employees who are members of a protected class. The policy and practice must include giving employees a written notice that the policy both prohibits, and prescribes disciplinary measures for, conduct that constitutes sexual harassment, sexual assault, or unlawful discrimination.

5.3.6 Pay Equity Compliance

As required by ORS 279B.235, Proposer shall comply with ORS 652.220 and shall not discriminate against any of Proposer’s employees in the payment of wages or other compensation for work of comparable character, the performance of which requires comparable skills, or pay any employee at a rate less than another for comparable work, based on an employee’s membership in a protected class.

Proposer must comply with ORS 652.220 as amended and shall not unlawfully discriminate against any of Proposer’s employees in the payment of wages or other compensation for work of comparable character on the basis of an employee’s membership in a protected class.

“Protected class” means a group of persons distinguished by race, color, religion, sex, sexual orientation, national origin, marital status, veteran status, disability or age. Proposer’s compliance with this section will constitute a material element of the Contract and a failure to comply will constitute a breach that entitles Agency to terminate the Contract for cause.

Proposer may not prohibit any of Proposer’s employees from discussing the employee’s rate of wage, salary, benefits, or other compensation with another employee or another person.

Proposer may not retaliate against an employee who discusses the employee’s rate of wage, salary, benefits, or other compensation with another employee or another person.

5.4 CONTRACT NEGOTIATION

5.4.1 Negotiation

After selection of a successful Proposer, Agency may enter into Contract negotiations with the successful Proposer to determine the final requirements of the award and the terms of the Contract.

Agency in its sole discretion reserves the right to negotiate any term or condition of the negotiated Contract. By submitting a Proposal, Proposer agrees to comply with the requirements of the RFQ.

In the event that the parties have not reached mutually agreeable terms within 45 calendar days, Agency may terminate negotiations and commence negotiations with another Proposer.

https://www.oregon.gov/das/Procurement/Pages/PayEquity.aspx

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SECTION 6: ADDITIONAL INFORMATION

6.1 GOVERNING LAWS AND REGULATIONS

This RFQ is governed by the laws of the State of Oregon. Venue for any administrative or judicial action relating to this RFQ, evaluation and award is the Circuit Court of Marion County for the State of Oregon; provided, however, if a proceeding must be brought in a federal forum, then it must be brought and conducted solely and exclusively within the United States District Court for the District of Oregon. In no event shall this Section 6.3 be construed as a waiver by the State of Oregon of any form of defense or immunity, whether sovereign immunity, governmental immunity, immunity based on the eleventh amendment to the Constitution of the United States or otherwise, to or from any claim or consent to the jurisdiction of any court.

6.2 OWNERSHIP/PERMISSION TO USE MATERIALS

All Proposals are public records and are subject to public inspection after Agency issues the Notice of Intent to Award. Application of the Oregon Public Records Law will determine whether any information is exempt from disclosure.

All Proposals submitted in response to this RFQ become the Property of Agency. By submitting a Proposal in response to this RFQ, Proposer grants the State a non-exclusive, perpetual, irrevocable, royalty-free license for the rights to copy, distribute, display, prepare derivative works of and transmit the Proposal solely for the purpose of evaluating the Proposal, negotiating a Contract, if awarded to Proposer, or as otherwise needed to administer the RFQ process, and to fulfill obligations under Oregon Public Records Law (ORS 192.311 through 192.478). Proposals, including supporting materials, will not be returned to Proposer, except in the case of Proposals that were submitted late and rejected by Agency.

6.3 CANCELLATION OF RFQ; REJECTION OF PROPOSAL; NO DAMAGES.

Pursuant to ORS 279B.100, Agency may reject any or all Proposals in-whole or in-part, or may cancel this RFQ at any time when the rejection or cancellation is in the best interest of the State or Agency, as determined by Agency. Neither the State nor any State agency is liable to any Proposer for any loss or expense caused by or resulting from the delay, suspension, or cancellation of the RFQ or a Contract/Price Agreement award, or the rejection of any Proposal.

6.4 COST OF SUBMITTING A PROPOSAL

Proposer shall pay all costs incurred in…