MANISTEE ? Manistee and Mason counties, on Michigan’d west central coast, has selected the RAIN Source Capital of Minneapolis to help develop an angel investing group for companies in the region.
The as yet unnamed angel group will be backed as well by the Industrial Development Group in Manistee. The Rain Group also is helping Wayne State University create an angel group for Detroit.
?We have studied the options available and have settled on the Rain Group out of Minneapolis, which has more than 20 other angel groups in operation around the country,? said Allan O?Shea, a Manistee County Commissioner who has lead efforts to attract private equity finance to this rural West Central Michigan county on Lake Michigan. ?The IDC has funded the initial phase of the effort and we expect to have a group in operation before the end of the year.?
O?Shea said his group has already recruited 18 angel investors and hope to create an initial fund of $1 million that would be aimed at providing gap financing for companies in the two-county area that get their initial funding from the IDC.
?We?re not sure if we?ll try to form a second fund after the first is fully subscribed,? he said.
The process of creating an angel investment fund for Manistee and Mason counties has been going on quietly since last fall. O?Shea said he hoped to have the process completed by the end of this year.
If you?re interested in participating in this fund, email Allan O?Shea
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