IBank's Expanding Venture Capital Access Program RFQ

The California Infrastructure and Economic Development Bank (IBank) is seeking external consultant(s) to support the administration of its Expanding Venture Capital Access Program through a Request for Qualifications (RFQ). The program will distribute approximately $250 million in State Small Business Credit Initiative (SSBCI 2.0) funds across three primary investment strategies: the Inclusive California Initiative, Emerging California Initiative, and California Co-investment Initiative. Selected consultants will be responsible for comprehensive program management, including marketing, investment sourcing, due diligence, portfolio management, and reporting. The RFQ requires consultants to have a California presence, significant venture capital advisory experience, and demonstrable expertise working with underrepresented communities. Key procurement timeline includes a submission deadline of February 18, 2025, with first-round review from February 19-28, second-round interviews March 3-14, board approval on March 26, and anticipated contract award shortly thereafter. Eligible investments must increase capital access for underrepresented fund managers and entrepreneurs, demonstrate economic benefit to California, focus on early-stage U.S.-based companies, and target fund sizes between $50M-$250M.

The program has specific requirements for potential respondents, emphasizing inclusivity and economic development for underrepresented communities. Consultants must facilitate investments that provide at least a dollar-for-dollar private sector match and achieve a cumulative leverage requirement of 10-to-1 across all SSBCI programs. The total funding allocation includes $250 million from SSBCI 2.0 and an additional $50 million in state funds, with investments ranging from $500,000 to $5 million for the Co-investment Initiative. The Inclusive California Initiative will target second-fund managers with approximately $10 million average commitments, while the Emerging California Initiative will focus on first-fund managers with around $5 million average commitments. Overall, the program is part of California's broader $1.2 billion SSBCI 2.0 allocation, designed to expand venture capital access and support economic growth for historically underserved entrepreneurial communities. While specific set-aside designations are not explicitly detailed, the program's structure inherently prioritizes investments in underrepresented fund managers and entrepreneurs.