28. 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. In evaluating applicants for certification as a qualified venture firm, the authority shall establish weighted criteria by which the authority will evaluate all venture firms applying in the same calendar year and shall establish a minimum acceptable score. The criteria shall include, but not be limited to:

(1) the management structure of the applicant, including:

(a) quality of the leadership, including willingness to work with the authority to support targeted industries and the innovation ecosystem in the State, and to locate in the State;

(b) the investment experience of the principals with qualified businesses;

(c) the knowledge, experience, and capabilities of the applicant in subject areas relevant to high-growth businesses in the State;

(d) the tenure and turnover history of principals and senior investment professionals of the applicant;

(e) whether the State’s investment with the applicant under this program would exceed 15 percent of the total invested in the applicant by all investors, including investments in any special purpose vehicles;

(f) the applicant’s stage of fundraising; and

(g) whether fees, expenses, and the remuneration of the general partner or manager are similar to those of peer investors;

(2) the applicant’s investment strategy, including:

(a) the applicant’s track record of investing in high-growth businesses;

(b) whether the investment strategy of the applicant is focused on high-growth businesses, including the percentage of the investment identified to be invested in New Jersey or surrounding geographic areas; and

(c) the performance history of the general partner or fund manager based on a review of investment returns on individual funds on an absolute basis and relative to peers; and

(3) The location of the applicant’s venture firm and the proposed structure of the applicant venture firm’s investments in qualified businesses, with preference given to applicant venture firms that are located in incentive areas and to applicant venture firms that agree to dedicate a greater portion of qualified investments into qualified businesses located within incentive areas.

L.2020, c.156, s.28.