NYCEDC Launches Request for Applications for the NYC Catalyst Fund II, Soliciting Responses from Impact-Aligned Fund Managers

NYCEDC has Allocated $25 Million to “NYC Catalyst Fund II” to Invest in Impact-Focused Debt and Equity Fund Managers

NYC Catalyst Fund II Focuses on Diverse Entrepreneurship, Economic Mobility, and Innovation Sectors

NYC Catalyst Fund II Builds on Success of the NYC Catalyst Fund, which has Received Approval to Invest in Eleven Fund Managers

NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) today announced the launch of a Request for Application (RFA) for the NYC Catalyst Fund II, an investment fund targeting social and environmental impact, economic growth and development in New York City, and income for NYCEDC. The NYC Catalyst Fund II will be capitalized with an initial $25 million investment from NYCEDC, which is expected to catalyze over $125 million of investment into NYC-based companies and projects.

“Congratulations to the team at the Economic Development Corporation for building a new model for economic empowerment and launching the $25M Catalyst Fund II,” said Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión Jr. “This novel investment vehicle will help ensure that innovators and entrepreneurs in NYC’s impact industries access the investment dollars they need to grow, hire more people, and strengthen the city’s economy.”

“We are thrilled to expand the NYC Catalyst Fund program with the launch of a second fund, which will invest in diverse entrepreneurship, economic mobility, and innovation sectors—all centered on a commitment to New York City,” said NYCEDC President & CEO Andrew Kimball. “This work demonstrates our ability to utilize creative financing to generate inclusive economic development objectives.”

NYCEDC is interested in debt and equity fund managers that meet the following criteria:

• A demonstrated commitment to New York City through a physical presence, an increased investment in New York City companies, and engagement with New York City’s broader investment ecosystem.
• An intentional impact strategy that includes alignment with one of three impact verticals: diverse entrepreneurship, economic mobility, and innovation sectors that are core to NYC’s economy such as life sciences, creative, technology, and the green economy.
• A well-articulated financial return strategy that will generate income for NYCEDC.

The NYC Catalyst Fund II plans to invest in private credit and private equity funds managed by external fund managers with investment amounts of up to $5 million. Applications will be reviewed on a rolling basis across several submission deadlines, beginning on January 30, 2026.

Today's RFA demonstrates NYCEDC’s increased use of financing to achieve its inclusive economic development objectives through partnership with private sector actors who share NYCEDC’s impact goals by leveraging third party capital. 

NYC Catalyst Fund II builds on the success of the NYC Catalyst Fund, which launched in 2023. In August 2025, NYCEDC’s Executive Committee approved the final investments of the NYC Catalyst Fund. In total, the NYC Catalyst Fund was approved for $40 million of investments to eleven impact-aligned fund managers: Antler, Avante Capital Partners, Candide Group (Afterglow Climate Justice Fund), Harlem Capital, HCAP Partners, Maycomb Capital, MetaProp, nvp capital, Open Opportunity Fund, Rethink Education, Turning Rock Partners. The $40 million of capital is expected to catalyze over $280M of investment, or seven times NYCEDC’s capital expenditure, into 140 NYC-based companies.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, X, LinkedIn, and Instagram.