As part of its Social Business Ventures Initiative, the Bush Foundation is searching for a fund manager to establish and operate a social business seed investment fund to invest in social businesses in Minnesota, North Dakota, South Dakota and the 23 Native nations that share the same geographic area. The purpose of the Fund will be to help local social businesses grow their enterprises and impact as well as generate a financial return for Fund investors. The Foundation will invest in the Fund and hopes the Fund will include other investors, initially or over time. The Foundation has approximately $950 million in assets and grantmaking totaled over $35M in 2016.
The manager search selection, managed by Next Street, will be a multi-step process culminating with a manager selection in mid-2018. Individuals with experience in traditional and / or impact investing are encouraged to apply. You can find the full Request for Proposal here. Interested applicants can apply by submitting a proposal that includes at least the following sections and key details:
- Summary of proposal
- Why are you interested in and uniquely qualified for this opportunity?
- Professional background and qualifications
- Personal background and qualifications
- Experience with and commitment to diversity, equity and inclusion
- Professional investment track record
- Investment philosophy and process
- Investment strategies, including strategy detail, assets under management (AUM)
- Financial performance and social performance/impact summary
- Proposed Social Business Fund
- Investment strategy, addressing all core components outlined in the “Fund Concept” section of the RFP, and:
i. Target fund size
ii. Target investment size and range
iii. Target financial returns (and impact goals if applicable)
iv. Investment capital type (e.g., debt, equity, blended finance)
- Fund structure, including entity type
- Fund terms, including fees and entry/exit terms
- Team composition and structure, including detail on Fund investment professionals
- Proposed timeline for Fund setup and launch, including approximate timing of initial investment(s)
- Respondent Questions
Interested applicants should email complete proposal submissions to Frances Dougherty (email@example.com) by COB Friday February 23, 2018.