New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.7 - Qualified venture firm application, certification, and agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority
				  shall establish an application process and determine the form and manner
				  through which a venture firm may make and file an application for certification
				  as a qualified venture firm. The Authority may accept applications on a rolling
				  basis or on a date set by the Authority.
(b) Each applicant venture firm shall first
				  submit an application for certification as a qualified venture firm, including
				  the following information and supporting documentation in an application format
				  prescribed by the Authority:
1. The name of
				  the venture firm, address, entity form, country and state of formation, date of
				  formation, Federal and state tax identification number, phone number, and
				  website address of the venture firm;
2. The name, title, email, address, and phone
				  number of the primary point of contact of the venture firm;
3. The name, title, email, phone number and
				  address of the consultant assisting with the application, if applicable, and of
				  the legal counsel and the accountant for the venture firm;
4. The name of any company managing the
				  venture firm; the list of all companies beneficially owning, through rights,
				  options, convertible interests, or otherwise, more than 15 percent of the
				  voting securities or other voting ownership interests of the venture firm; and
				  all companies controlling the direction of investments of the venture
				  firm;
5. The limited partnership or
				  limited liability company agreement for the venture firm active fund(s) that
				  the qualified venture firm anticipates will co-invest alongside the
				  Fund;
6. The most recent annual
				  audited financial statement, a list of all funds managed or controlled by the
				  venture firm, the most recent quarterly financial statement for all such funds,
				  the assets under management of the venture firm, and any other documentation
				  demonstrating that the venture firm is not excluded from eligibility pursuant
				  to (d)1 below, all of which must be current as of the date of its application.
				  The venture firm shall agree to submit to the Authority any valuations of the
				  equity capitalization and net assets completed subsequent to the valuation
				  included in its most recent financial statements and through the date the
				  determination for certification is made and as may be required by the
				  Authority;
7. Any current and past
				  organizational charts of the venture firm, which shall list of all principals,
				  managers, and any other employees of the venture firm that will direct
				  qualified investments; if the firm does not have any current or past
				  organizational charts, current and past lists of such principals, managers, and
				  employees; a description of the professional experience, including, but not
				  limited to, the number of years of investment experience in the venture capital
				  or private equity sectors, detailed work history, and employment references, of
				  the senior management team of the venture firm and of the principals, managers,
				  and employees that will direct qualified investments; and any other
				  documentation demonstrating that the venture firm is not excluded from
				  eligibility pursuant to (d)2 below, all of which must be current as of the date
				  of its application. The venture firm shall agree to report any change to the
				  organizational chart and list of principals, managers, and employees through
				  the date the determination for certification is made and as may be required by
				  the Authority;
8. Any current and
				  past policies or plans for diversity, equity, and inclusion for the venture
				  firm's internal operations, including, but not limited to, hiring, and for the
				  venture firm's investments, and information and documentation evidencing the
				  venture firm's compliance with such policies;
9. A tax clearance certificate from the New
				  Jersey Division of Taxation pursuant to
				  P.L.
				  2007, c. 101, which
				  shall also satisfy the requirement for registration to do business in this
				  State;
10. A list of all of the New
				  Jersey Department of Labor and Workforce Development, the Department of
				  Environmental Protection, and the Department of the Treasury permits and
				  approvals or obligations and responsibilities with which the venture firm is
				  associated with or has an interest in. The list shall identify the entity that
				  applied for or received such permits and approvals or have such obligations and
				  responsibilities, such as by program interest numbers or licensing numbers. The
				  venture firm shall also submit a written certification by the qualified venture
				  firm's managing individual stating that the venture firm satisfies the criteria
				  at (e) below to be in substantial good standing, or if a compliance issue
				  exists, has entered into an agreement, with the Department of Labor and
				  Workforce Development, the Department of Environmental Protection, and the
				  Department of the Treasury;
11. A
				  completed legal questionnaire disclosing all relevant legal matters, in
				  accordance with the Authority debarment and disqualification rules at N.J.A.C.
				  19:30-2;
12. Agreement and consent
				  for the Authority to publicize the venture firm's participation in the program,
				  once qualified, and to publicize the qualified venture firm's approved
				  qualified investments into qualified businesses;
13. A list of all office locations, and
				  associated lease agreements, the qualified venture firm has in the State, if
				  applicable;
14. The name of any
				  businesses with a place of business in the State in which the venture firm has
				  invested during the five calendar years prior to the date of application, and
				  the dates of investment(s), location of business headquarters, and documents as
				  shall be required by the Authority to evidence such investments;
15. A description of any regional investment
				  policy of the venture firm that includes the State;
16. An investor pitch deck for the intended
				  qualified venture firm active fund or, if not yet available, the most recent
				  investor pitch deck prepared by the venture firm;
17. If a venture firm proposes to agree to
				  dedicate a greater portion of qualified investments into qualified businesses
				  located within incentive areas as set forth at (c)4 below, the list of all
				  investments in the past five years in businesses located within incentive
				  areas;
18. A certification by the
				  qualified venture firm manager that the information contained in the
				  application is true and accurate under the penalty of perjury; and
19. Any other relevant information as
				  determined by the Authority for a specific application.