Blueprint Intelligence / Specialized Pathways / Hawaii SSBCI venture capital, HI-CAP Invest as a fund of funds

Specialized Pathways

Hawaii SSBCI venture capital, HI-CAP Invest as a fund of funds

Hawaii invests its SSBCI venture capital into fund managers rather than companies, and asks those managers for a real presence in the islands.

Hawaii's SSBCI venture capital runs through HI-CAP Invest, described as a funds-of-funds venture capital program and managed by the Hawaii Technology Development Corporation. HI-CAP as a whole is jointly managed by HTDC and the Hawaii Green Infrastructure Authority, both attached to the Department of Business, Economic Development, and Tourism, and the money originates with the U.S. Treasury under the American Rescue Plan Act. Because it invests in managers, the applicant here is a fund rather than a company.

The program invests in managers, not companies

HI-CAP Invest is aimed at managers of venture capital funds with demonstrated capacity and experience. It is designed to invest in high-quality investment managers with the capacity to mentor and advise entrepreneurs and to facilitate follow-on investment.

That framing matters for what a manager brings to the conversation. The program is buying a manager's ability to develop companies and attract further capital, not only the return profile of a strategy.

Presence in Hawaii is a requirement, not a preference

The program states that the fund must have on-the-ground presence in Hawaii. An out-of-state firm is asked, as part of the process, to explain its reasons for entering the Hawaii market.

A manager whose Hawaii exposure is a plan rather than a presence is answering a harder question than the requirement contemplates, and should be ready to say what the presence actually consists of.

The capital terms are specific

A minimum of 1:1 matching capital to HTDC's investment is to be raised. Private capital is pari passu with, or junior to, the SSBCI investment in cash flow rights, which is a term worth reading closely rather than assuming, because it is not the neutral treatment a manager may expect by default.

Managers are expected to be in good standing with the law, confirmed through up-to-date certifications, a background check, and references.

The stated priorities are narrow enough to check against

Funds are expected to align with priorities including agtech, biosecurity, food security, dual use and defense, energy, ocean, artificial intelligence, and climate, and to show a commitment to growing technology, innovation, and other emergent industry sectors in the state.

Engagement runs through a standing two-step process rather than a dated round: a signed technical proposal qualifier, then a request for information application. Neither source states a deadline or an open window, so confirm the current position with HTDC.

Hawaii's HI-CAP Invest buys into fund managers rather than companies, and it asks for two things a strategy deck does not usually carry: a real on-the-ground presence in Hawaii, and acceptance that private capital sits pari passu with or junior to the state's investment in cash flow rights.

Sources and currency

Information checked as of August 2, 2026.

Program terms, eligibility, participation limits, and application windows change on the program administrator’s own schedule, not on ours. Treat everything above as a starting point for a conversation, and confirm the current requirements with the administrator before you act on any of it.

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