LANSING ? It’s official. Venture Michigan Fund I is now open to invest in venture capital funds focused on growing early stage technology companies in Michigan, Gov. Granholm announced this week.
Actually the fund was fully subscribed ? at $200 million – on Aug. 11, as reported earlier by MItechnews.Com, but the governor wanted to proclaim the investment project she announced in her state of the state speech in 2004 open for business.
The money will not be invested directly in promising Michigan IT, biotech, homeland security and advanced manufacturing start ups, rather in Venture Capital companies that will make those investments and have their returns guaranteed through tax write offs.
According to the fine print at VentureMichigan.Org, the newly activated web site, interested venture capitalists must complete and return Information Requests to the fund manager, Credit Suisse, no later than Sept. 29. Credit Suisse has opened an office in Michigan staffed by Bob Payne. Credit Suisse anticipates making the fund?s first investments in the fourth quarter.
?The Venture Michigan Fund will play a dramatic role in strengthening Michigan?s capital markets and putting money to work to grow entrepreneurial companies,? said VMF Board President Thomas Kinnear. ?We believe this fund will help accelerate the growth of venture capital in Michigan and will be a key resource in the transformation of Michigan?s economy.?
