TEDCO Announces Selection of SSBCI Advisor and Allocator

Earlier this year TEDCO announced an infusion of up to $50 million in funding from Treasury State Small Business Credit Initiative. TEDCO’s SSBCI funds will be used to support recipients of TEDCO’s Venture Equity Fund, Seeds Funds Equity program, and Social Impact Funds—as well as the $10 million earmarked for the Venture Capital Limited Partner (VCLP) Equity program for which TEDCO has now selected Recast Capital to advise on the allocation of such VCLP funds.

“Here at TEDCO, we know it takes time, effort and resources to truly foster an inclusive and entrepreneurial innovation ecosystem,” said TEDCO CEO, Troy LeMaile-Stovall. “Our VCLP strategy is focused on connecting with first-time, underrepresented fund managers who actively invest in Maryland. We’re excited to work with Recast Capital, which can connect us to those managers—and ultimately help us enhance economic empowerment across the great state of Maryland.”

Recast Capital is a platform to invest in and support emerging managers in venture. Recast Capital’s focus areas include generating attractive returns via diversified exposure to emerging managers in venture; providing investors with a unique information advantage in venture; and democratizing access to information to empower the emerging manager community.

“As part of our mission to support Maryland’s start-up ecosystem, TEDCO has managed relationships with several top-tier venture funds,” said Jack Miner, TEDCO chief investment officer. “We look forward to Recast Capital’s knowledgeable team to make recommendations that allow us to continue this work using our SSBCI allocation with highly qualified funds that have traditionally been underrepresented.”

TEDCO issued the Request for Proposals (RFP) for Advisory and Allocation Services on July 11, 2022. The submission deadline for proposals was August 10, 2022. It was initially anticipated that the proposal evaluation process would be concluded, and a contract award announced by August 22. However, in light of the complexity of the services solicited by TEDCO and in order to thoroughly consider the nine proposals submitted in response to the RFP so that all respondents and their qualifications could be properly evaluated against the RFP requirements, TEDCO determined that additional time was necessary to complete the solicitation process.

Of the nine proposals received by TEDCO in response to the RFP, several responding firms were owned by women and people of color. Recast Capital was selected in October, and the contract between Recast and TEDCO was finalized on November 10.

“The next wave of innovation and returns in the venture market will be generated by diverse emerging managers. Fresh perspectives derived from diverse backgrounds is a uniquely competitive advantage in the market,” said Sara Zulkosky, co-founder and managing partner at Recast Capital. “At Recast, we are proud to support emerging managers with the perspectives needed to drive our industry ahead and look forward to assisting TEDCO identify such managers for their programs in Maryland.”

About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contacts
Tammi Thomas, Chief Marketing & Communications Officer, TEDCO, [email protected]

SOURCE TEDCO