3. a. The State Treasurer shall establish and maintain in the General Fund a separate, non-lapsing fund to be known as the Social Impact Investment Fund to carry out the purposes enumerated in section 4 of P.L.2023, c.67 (C. 52:18A-268). The State Treasurer shall credit the fund with:

(1) moneys appropriated by the Legislature for the purpose of the fund;

(2) distributions from payments or repayments made to the fund;

(3) earnings received, if any, from the investment or reinvestment of money credited to the fund; and

(4) any money which, from time to time, may otherwise become available for the purposes of the fund.

b. For the purposes of administering the fund, the State Treasurer shall have the power to:

(1) select, through an open and competitive process in consultation with other State agencies including but not limited to the New Jersey Infrastructure Bank, the Economic Development Authority, and the New Jersey Housing and Mortgage Finance Agency, one or more fund managers, and any other entities to create and manage one or more special purpose vehicles;

(2) enter into agreements with a fund manager necessary for the formation and management of a special purpose vehicle on terms and conditions as the State Treasurer determines to be reasonable, including, but not limited to, fees and operating expenses payable to the fund manager and other entities and a requirement for the fund manager to provide the State Treasurer with information required to complete the report required by section 5 of P.L.2023, c.67 (C. 52:18A-269);

(3) monitor and audit a fund manager and any other entities by audits or other reports;

(4) invest monies from the fund in one or more special purpose vehicles developed, managed, and maintained by a fund manager pursuant to paragraph (1) of this subsection; and

(5) adopt rules and regulations governing the use and application of fund proceeds.

c. Subject to the terms of an agreements to be entered between the State Treasurer and a fund manager or a special purpose vehicle, as applicable, a fund manager or special purpose vehicle shall:

(1) create one or more special purpose vehicles, which shall be funded by an initial $20,000,000 investment from the Social Impact Investment Fund and any additional funds which may become available;

(2) make loans to institutional lenders and enter into agreements with institutional lenders that receive money from the fund, which agreements shall, at a minimum, require an institutional lender to use the moneys for the purposes set forth in section 4 of P.L.2023, c.67 (C. 52:18A-268) and to provide the fund manager with information as required to complete the report required by section 5 of P.L.2023, c.67 (C. 52:18A-269);

(3) purchase participation in loans from institutional lenders that advance the purposes set forth in section 4 of P.L.2023, c.67 (C. 52:18A-268);

(4) sell loans made pursuant to paragraph (2) of this subsection or loan participations to enhance liquidity, interest rate risk management, capital and earnings, and to serve the credit needs of borrowers; and

(5) raise private capital of at least a 1:1 ratio for every public dollar invested net of the fund manager’s operating expenses and fees, by utilizing the fund manager’s own funds or by drawing on private capital including, but not limited to, direct investments or coordinated co-investments.

d. The agreement between the State Treasurer and fund manager shall include terms governing the dissolution of the fund.

e. Notwithstanding any other provision of law to the contrary, financial information received by the State Treasurer from a special purpose vehicle, to the extent that material or data consists of trade secrets, proprietary or commercial information, or information that may give other competitors an advantage, is confidential and shall not constitute a public record under P.L.1963, c.73 (C. 47:1A-1 et seq.), or a government record subject to access pursuant to P.L.2001, c.404, and shall not otherwise be open to the public for inspection.

L.2023, c.67, s.3.