LANSING – With four investments approved Wednesday, the Michigan Strategic Fund Board has invested all of the $109 million in the 21st Century Investment Fund. The board approved $35.5 million in investments recommended by officials from Credit Suisse, which has overseen providing money to various investment funds.

The board also approved the final regulations for the Michigan Supplier Diversification Program, which provides state guarantees for some business loans to encourage more credit in the state.

The largest of the new investments was $14.5 million to Peninsula Fund, based in Detroit. The fund is working to raise $350 million, and officials said it would invest in a variety companies.

Triathlon Medical Ventures will receive $10 million toward the $150 million it is seeking to raise to invest in healthcare companies. It is opening an office in the state and expects to unveil a partner to run that office in the next couple of days.

Early Stage Partners, which targets educational, scientific and medical institutions, would receive $6 million toward a $60 million fund. The fund, which operates throughout the Midwest, is planning an office in Ann Arbor.

Arsenal Venture Partners would receive $5 million for its fund aimed at defense and homeland security companies. The fund is based in Orlando, Florida, but has already made some investments in Michigan, and will be setting up an office in the state.

Kelly Williams with Credit Suisse said it was too early to determine exactly how successful the various investments will be because none of the funds provided money through the program have sold their stakes in any companies, but she said the program has been effective at attracting private capital to the state.

The program had, until Wednesday, invested in eight venture funds and one co-investment. Those funds in turn had invested $32.9 million in 12 companies, creating 279 new jobs.

Overall the investments break down to 51 percent venture capital, 29 percent mezzanine funds, 18 percent private equity and 2 percent co-investments. Williams said that was off from the original targets set by the board to take advantage of some changes in the venture capital markets.

The loan program regulations were approved largely as presented to the board, except the 3.5 percent fee to open the loans was changed from a set fee to a cap. Officials said the proposed fee would be substantially larger than what banks would charge for traditional loans. But they said the fee should remain higher than traditional bank fees to encourage banks to lend the entire amount themselves as often as possible.

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