Stages:

• Early

 

Industries:

Defense & Homeland Security

Information Technology

Life Sciences & Healthcare

Manufacturing & Industrial

 

Description:

Venture Michigan Fund (VMF) seeks to promote Michigan's economic health by assisting in the creation of new jobs, new businesses and new industries. VMF operates a fund-of-funds that invests in private equity managers who invest primarily in Michigan-based early stage venture capital companies. A $95 million venture capital fund investment program was formed under the Michigan Early Stage Venture Investment Act of 2003. As per the Act of 2003, the capital for the program is not provided by the State but raised from outside investors. To encourage investment in VMF, the Michigan Department of Treasury agreed to provide investors with up to $450 million of tax voucher certificates that could be used as a form of 'currency' to offset any shortfall in debt servicing by fulfilling an equivalent amount of Single Business Tax and/or withholding tax obligations of the investors. CFIG was chosen as manager for the program through an RFP process and was engaged in January 2006. Michigan possesses identifiable expertise in several areas, including the following clusters of innovation: Life Sciences, Advanced Manufacturing, Information Technology, and Homeland Security. The Venture Michigan Fund II, Limited Partnership (VMF II) is a $120 million fund launched in 2011. VMF II will begin to accept information from interested fund managers in February of 2011. Overall, $859.1 million of equity has been invested into 30 Michigan-based portfolio companies with this fund.

 

Funds:

Fund Name	Amount	Date
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