Section 2-281.03 - Fund Manager selection(a) The Mayor shall solicit applications, in a form determined by the Mayor, for the position of Fund Manager from private financial organizations. The application shall contain a description of: (1) The applicant's qualifications, which shall include 5 or more years of demonstrable experience investing in:(B) Businesses owned by economically disadvantaged individuals;(C) Businesses owned by individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities;(D) Businesses that otherwise meet the definition of, or are similar to, an equity impact enterprise; or(E) District-based businesses.(2) How the applicant will structure the Fund and investment criteria to achieve the goals and objectives of the Fund;(3) The ability and plans of the applicant to provide or raise sufficient funds to provide matching contributions for the Fund;(4) The ability of the applicant to maintain a sufficient fund balance to administer the Fund;(5) The type of businesses to be targeted for priority investment from the Fund;(6) A demonstrable ability to offer a variety of financing vehicles, including equity financing, revenue-based financing, royalty financing, and debt financing;(7) The investment strategies the applicant will employ to achieve the goals and objectives of the Fund; and(8) Other criteria that the Mayor considers necessary or appropriate.(b) A Fund Manager shall be selected from among the applicants for the position based on a scoring rubric established by the Mayor; provided, that: (1) A preference be given to applicants that: (A) Have experience working with entrepreneurs in the District; and(B)(i) Are at least 51% owned, operated, or controlled by economically disadvantaged individuals or individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities; or(ii) Are an equity impact enterprise; and.(2) If the applicant manages an existing investment fund, the existing fund not exceed $50,000,000 in total investments.Amended by D.C. Law 24-45,§ II-T-2202, 68 DCR 010163, eff. 11/13/2021.Amended by D.C. Law 24-11,§ 2, 68 DCR 005829, eff. 7/28/2021, exp. 3/10/2022.Added by D.C. Law 23-149,§ II-Q-2164, 67 DCR 10493, eff. 12/3/2020.