Virginia Invests — Fund of Funds

Virginia Invests — LP Commitment

Supports venture capital managers with commitments aimed at Virginia startup investment.

Virginia Invests is a fund-of-funds LP commitment programme administered by the Virginia Innovation Partnership Corporation (VIPC) under the Virginia Venture Partners division, underwritten by the U.S. Treasury Department's State Small Business Credit Initiative (SSBCI). VIPC makes LP commitments into early-stage venture capital funds that deploy capital into Virginia-based startups. The programme is actively accepting applications on a rolling basis through the online portal at vipc.org/funding/investment-fund-managers/applications/. This is a programme for VC fund managers, not a direct founder-facing funding mechanism.

Eligible fund focus areas are limited to six sectors: biotech/life sciences, cybersecurity, deep tech, defensetech, energy, and space and aerospace. Funds must typically exceed $50 million in total size, and portfolio investments are restricted to rounds raising no more than $20 million. All of VIPC's LP commitment, plus a minimum 1:1 match from the fund's other LP investors, must be deployed into Virginia companies. Portfolio companies must maintain Virginia headquarters and primary operations for at least three years post-investment. SSBCI compliance requirements apply, including detailed data reporting across the full investment lifecycle and restricted management fee structures.

The application process runs five steps: initial application, first interview within 30 days, preliminary due diligence lasting 60–90 days, final due diligence with reference checks, and legal documentation. Fund managers seeking to access Virginia's SSBCI-backed capital should demonstrate a genuine focus on one of the six eligible sectors, a credible LP base, and an existing or prospective Virginia portfolio. Preferred applicants already have Virginia-based portfolio companies or co-investment relationships with Virginia ecosystem stakeholders.