Treasury Announces Solicitation to Identify a Fund Manager for the Social Impact Investment Fund

Critical Step For Strengthening New Jersey’s Economy

(TRENTON) – Today the Department of the Treasury issued a notice of investment opportunity seeking a fund manager for the Social Impact Investment Fund (SIIF), marking a crucial step forward towards the Murphy Administration’s goal of expanding access to critical capital for New Jersey’s underserved and underinvested communities.

The $20 million investment fund, overseen by the Department of the Treasury, is tasked with financing projects in underserved communities in the state that create affordable housing, strengthen local infrastructure, and develop early childhood education centers.

“This is a significant step towards the creation of a socially motivated, public financial tool that will help invest in communities throughout New Jersey that have historically been underserved and underinvested,” said Governor Phil Murphy. “With Treasury’s guidance, the selection of a fund manager will set the wheels in motion to bring critical capital to these communities, laying the groundwork for a public banking model in New Jersey.”

The notice of opportunity issued by Treasury seeks a fund manager to oversee funds appropriated to the SIIF, which will be used to leverage additional funding from outside investors and provide below-market capital to projects that further the goals of the SIIF. A steering committee composed of representatives from the Office of the State Treasurer and relevant state agencies will provide State guidance to the fund manager.

As the State’s first socially motivated public finance vehicle, the SIIF will move New Jersey closer to developing a public banking model to support projects advancing social equity and strengthening the Garden State’s economy.

Questions regarding the notice are due on Tuesday, June 11, 2024 by 5 p.m. EST. The deadline to respond to the notice is Friday, July 19, 2024 by 3 p.m. EST.

The notice of opportunity is available online at: https://www.nj.gov/treasury/pdf/rfp/SIIF-Notice-05.21.2024.pdf