Investment Management Services

The Florida Department of Economic Opportunity (DEO) is issuing a Request for Proposals (RFP) to solicit qualified investment managers to provide investment management services for deploying Florida's portion of the State Small Business Credit Initiative (SSBCI) funding under the Equity Capital Program (ECP). The selected respondent will be responsible for making direct investments in emerging Florida companies, particularly those operating in technology sectors strategic to Florida. The RFP outlines detailed requirements, including the need to comply with SSBCI program guidelines, establish relationships with economic development organizations, provide reporting and oversight of portfolio companies, and prioritize investments in businesses owned by socially and economically disadvantaged individuals and very small businesses. The RFP also includes evaluation criteria such as the respondent's experience, investment philosophy and process, fundraising ability, and plan for achieving the purposes of the SSBCI program. The proposal due date is September 15, 2022, and the DEO intends to execute the resulting contract(s) as soon as possible after the posting of DEO's decision.

The RFP encourages certified business enterprises to participate in the solicitation process. The contract will be awarded to the respondent who provides the best value to the state of Florida. The RFP does not specify any incumbent vendors or current contractors, but it does indicate that the maximum available points for the cost proposal submittal will be awarded to the respondent with the lowest responsive cost proposal, with the remaining respondents receiving a pro rata portion of points based on a specified formula. The RFP does not provide a specific budget range, but it states that the selected contractor will be responsible for deploying Florida's portion of the SSBCI funding under the ECP.