[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-280359-105":3,"detail-sidebar-cat-1-en-105":81,"doc-detail-280359-en":127},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","2024-ssbci-life-sciencehealthcare-fund-nio-questions-and-responses-final","2024 SSBCI Life Science/Healthcare Fund - NIO Questions and Responses - FINAL","","This document compiles questions submitted in response to the SSBCI Life Science/Healthcare Fund Notice of Investment Opportunity (NIO) and provides official question-and-answer responses for bidder compliance. It addresses key program mechanics including SPV investment timing eligibility, tranche-based SSBCI fund disbursement conditions, required transaction activity with eligible small businesses, and fund manager matching-capital timelines. It also clarifies insurance treatment, administrative cost allowances, revised dissolution and asset distribution requirements, investor commitment placeholder values, and references that depend on the executed limited partnership agreement.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/forms/","Forms",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/2024-ssbci-life-sciencehealthcare-fund-nio-questions-and-responses-final/280359/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/2024-ssbci-life-sciencehealthcare-fund-nio-questions-and-responses-final/280359.png","ImageObject",442,249,{"name":42,"@type":43},"Emma Wilson","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-26","2026-09-16",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",8,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"Is there a maximum duration after creating the SPV within which the fund manager must make the first investment to remain eligible?","Question",{"text":63,"@type":64},"No such requirement is stated for the selected fund manager(s). Eligibility risk may arise from tranche timing, SSBCI receipt, and compliance deadlines tied to expenditure thresholds and transaction activity.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What level of key person insurance is expected, and will the cost count as Partnership Expenses?",{"text":68,"@type":64},"NJEDA may seek key person insurance at its sole discretion and will consider the costs and benefits. Insurance expenses are included among permitted administrative costs under the SSBCI program, and NJEDA allows up to $50,000 for operating and audit expenses, generally treated as Partnership Expenses.",{"name":70,"@type":61,"acceptedAnswer":71},"When the fund terminates, how must assets be distributed under the corrected dissolution requirement?",{"text":72,"@type":64},"Upon fund termination, distribution and dissolution of assets within the fund—including investments, cash, and other property—must be distributed to the appropriate parties according to the partnership agreement.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},280359,1790185099,{"code":4,"msg":82,"data":83},"success",[84,89,94,99,104,109,113,118,123],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":95,"doc_module":22,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},14,"Invoices",70,"invoices",{"id":100,"doc_module":22,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},15,"Posters",60,"posters",{"id":105,"doc_module":22,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},16,"Social Media",50,"social-media",{"id":110,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":111,"slug":112},17,40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":115,"show_sort_weight":116,"slug":117},18,"Letters",30,"letters",{"id":119,"doc_module":22,"doc_module_name":25,"category_name":120,"show_sort_weight":121,"slug":122},21,"Paper Templates",5,"papers-templates",{"id":124,"doc_module":22,"doc_module_name":25,"category_name":125,"show_sort_weight":4,"slug":126},158,"General","general-158",{"code":4,"msg":82,"data":128},{"doc_id":79,"user_id":129,"nickname":42,"user_avatar":130,"doc_module":22,"category_id":110,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":121,"language":136,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":12,"update_tm":140,"read_time":26},3848291630094,"https://eur-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","| Subject | 2024 SSBCI Life Science/Healthcare Fund NIO Questions and Responses |\n| --- | --- |\n| Tags | Question and Answer Period, Legal Review, Frequently Asked Questions, Federal Compliance, State Compliance, Reporting, SSBCI, Program Development |\n\nSummary  \nThe purpose of this document is to accumulate and memorialize questions gathered in response to the notice of investment opportunity (“NIO” or “Notice”) for the SSBCI Life Science/Healthcare Fund. Questions to this notice had to be submitted in writing via e-mail. NO FURTHER QUESTIONS ARE ALLOWED AT THIS TIME.  \nQuestions & Answers – SSBCI Life Science/Healthcare Fund  \n\n|  | Date | Question | Response |\n| --- | --- | --- | --- |\n| 1. | 8/15/2024 | Upon creation of the SPV, is there a maximum duration within which the fund manager has to make the first investment to continue to be eligible under this program? | No, there is no such requirement for the selected fund manager(s) .\u003Cbr>However, there are other important deadlines that fund managers should be aware of. NJEDA’s SSBCI investment is subject to receipt of SSBCI funds from U.S. Treasury. The SSBCI capital program operates on a structured disbursement model that is divided into three tranches. To date, NJEDA has only received the first tranche. In order for the NJEDA’s SSBCI Venture Program to receive the additional tranches, the NJEDA SSBCI programs, in aggregate, must have expended 80 percent or more of the prior disbursement of allocated funds. Additionally, U.S. Treasury requires at least two transactions with eligible small businesses to be completed during every 12-month period from the SSBCI Venture Programs inception ( 2/28/24) . Follow on investments may count towards transactions, subject to approval from the NJEDA for continued compliance with SSBCI guidelines. Therefore, delays by the fund manager in making investments may add to the risk that NJEDA does not receive a subsequent SSBCI tranche and that the fund manager may not receive the entire amount of NJEDA’s SSBCI investment.\u003Cbr>Additionally, NJEDA may choose to not enter into a contract to close its program commitment to a selected manager if the manager has not yet raised private sector limited partner capital of at least 25% of NJEDA’s commitment amount participating in the same or prior closing rounds. From the date the Board of NJEDA approves a program commitment to a selected manager, the manager will have 12 months to raise matching capital from private sector limited partners of at least 50% of NJEDA’s capital commitment or NJEDA may choose to rescind its commitment. Similarly, managers will have 18 |\n\n\n|  |  |  | months to fulfill the entire 1:1 fund level matching requirement. |\n| --- | --- | --- | --- |\n| 2. | 8/15/2024 | Under section 7 of the NIO (Fund Manager Qualifications and Eligibility), NJEDAmay request insurance from the fund manager. What is the approximate level of insurance that is expected and what is the approximate cost? Will this cost be considered apart of the Partnership Expenses? | At its sole discretion, the NJEDA may seek key person insurance from the selected fund manager(s) . NJEDA will consider such factors as the number of investment managers and NJEDA’s determination of the costs and benefits to NJEDA of including such insurance to decide whether to require the key person insurance.\u003Cbr>Permitted direct and indirect administrative costs under the U.S. Treasury SSBCI program include, but are not limited to, insurance expenses.\u003Cbr>NJEDA will allow selected fund manager(s) to use up to $50,000 of the NJEDA SSBCI investment for operating and audit expenses (which are generally Partnership Expenses in a Limited Partnership Agreement) . |\n| 3. | 8/15/2024 | Under the same section 7, can you please elaborate on this bullet point: All Fund assets must be transferred to NJEDA upon dissolution. | We acknowledge that this requirement is incorrect. That requirement is no longer applicable and is replaced with the following ","cbCaidTx7tb9E9xF","https://ap.wps.com/l/cbCaidTx7tb9E9xF","pdf",177970,"English","# Questions & Answers – SSBCI Life Science/Healthcare Fund\n## Program eligibility and investment timing\n## Insurance and administrative cost treatment\n## Fund dissolution and asset distribution\n## Investor commitment limits and placeholders\n## Schedule and exhibit availability\n## Side-letter disclosure cross-references","[{\"question\":\"Is there a maximum duration after creating the SPV within which the fund manager must make the first investment to remain eligible?\",\"answer\":\"No such requirement is stated for the selected fund manager(s). Eligibility risk may arise from tranche timing, SSBCI receipt, and compliance deadlines tied to expenditure thresholds and transaction activity.\"},{\"question\":\"What level of key person insurance is expected, and will the cost count as Partnership Expenses?\",\"answer\":\"NJEDA may seek key person insurance at its sole discretion and will consider the costs and benefits. Insurance expenses are included among permitted administrative costs under the SSBCI program, and NJEDA allows up to $50,000 for operating and audit expenses, generally treated as Partnership Expenses.\"},{\"question\":\"When the fund terminates, how must assets be distributed under the corrected dissolution requirement?\",\"answer\":\"Upon fund termination, distribution and dissolution of assets within the fund—including investments, cash, and other property—must be distributed to the appropriate parties according to the partnership agreement.\"}]","2024 SSBCI Life Science/Healthcare Fund - NIO Questions and Responses - FINAL | PDF",1789537976]