The InvestMaryland program will be investing approximately $47-55M into several venture capital firms by mid-2012. The Maryland Venture Fund Authority (MVFA) will be hiring a consultant to assist in the evaluation and selection of venture firms based on the selection criteria detailed in the InvestMaryland Program annotated code 6-518 – Selecting Applicants.
To be certified
For venture capital firms seeking to apply for investment funds from the Invest/Maryland Program, you must be Certified.
Certification is defined in the Maryland annotated code 6-518c1-c2 as:
(1) The applicant must have at the time of application, an equity capitalization, net assets, or written commitments of at least $500,000 in the form of cash or cash equivalents; and
(2) At least two principals or persons employed to direct the investment of the designated capital of the applicant must have at least 5 years of money management experience in the venture capital or private equity sectors.
No later than 90 days after an application is filed, the Secretary shall either:
(1) Issue the certification; or
(2) Refuse to issue the certification and communicate in detail to the applicant the grounds for the refusal.