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New York City Economic Development Corporation (“NYCEDC”) is issuing a Request for Proposals (“Request for Applications” or “RFA”) to seek applications from investment fund managers (each, a “Fund Manager” or “Applicant”), which will be for a specific fund investment opportunity (each, a “Fund” or “Investment Fund”) for its NYC Catalyst Fund (the “Program”).

The goal of the Program is to expand NYCEDC’s impact as an organization by making investments that generate positive, measurable social and environmental impact as well as a financial return. The Program will invest in Funds managed by Fund Managers that align with the core financial and impact goals of the Program.

NYCEDC currently has a $40 million allocation for the Program and anticipates making 10 to 15 investments into Funds (each, a “Commitment”). NYCEDC Commitments will be between $1 million and $7 million and will not exceed 20% of the total committed investment capital of any Fund in which it invests.

NYCEDC is interested in Funds operating in the following impact areas (“Impact Verticals”):

  1. Diverse Entrepreneurship: Investment Funds that demonstrate a strategy that includes investing in Black, Indigenous and People of Color (“BIPOC”) and/or women entrepreneurs and their businesses.
  2. Community Development: Investment Funds whose focus is on promoting economic mobility, including Investment Funds that will have an impact on low-, moderate-, and middle-income neighborhoods and populations, or women and minority populations.
  3. Emerging Sectors: Investment Funds whose focus is on high-growth, priority sectors that are integral to New York City’s economic growth and the creation of high-quality, inclusive jobs.

NYCEDC plans to select Applicants on the basis of factors stated in the RFA, which include, but are not limited to: the qualifications and reputation of the Fund Manager and the investment team; the Fund’s investment and impact strategy; the Fund’s proposed financial terms; and the Applicant’s investment track record.


Applicants will have multiple opportunities to submit questions and/or request clarifications from NYCEDC. Questions regarding the subject matter of the RFA should be directed to [email protected]. The first round of questions must be submitted no later than 5:00 p.m. ET on Friday, October 6, 2023. Responses to the first round of questions will be posted by Monday, October 23, 2023, on this web page. Please see the RFA for details about subsequent question round deadlines. Technical questions pertaining to downloading and submitting proposals may be directed to [email protected] while the RFA is outstanding.

Submission Requirements

Detailed submission guidelines and requirements are outlined in the RFA, available as of Wednesday, September 20, 2023. First round responses were due on Wednesday, November 1, 2023. Subsequent round responses are due by 11:59 p.m. ET on the first business day of each month while the RFA remains open.

This RFA will remain open for a period of 18 months, with the last submission deadline of April 1, 2025, or until all monies are depleted.

Please submit your response via electronic upload by clicking here.

Please submit all documents in a single zip file labeled with your company name. The Chrome Browser is the preferred method for uploading.


It is the policy of NYCEDC to comply with all federal, state and New York City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status, and other protected categories and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises ("M/WBEs") share in the economic opportunities generated by NYCEDC’s projects and initiatives.

Companies that have been certified with the New York City Department of Small Business Services as M/WBEs are strongly encouraged to respond. To learn more about M/WBE certification and NYCEDC’s M/WBE program, please visit

Key Documents
  • 10.23.23 Q&A Document First Round Q&A Document. Revised to include one additional question at the end.
  • 1.26.24 Q&A Document Second Round Q&A Document.

Have Questions?

For questions regarding the subject matter of this RFA:

For all questions that do not pertain to the subject matter of this RFA: