Overview
Venture Michigan Fund
The Venture Michigan Fund (VMF) is a venture capital fund investment program formed under the Michigan Early Stage Venture Investment Act
Birmingham, Michigan, United States
Industries
Headquarters Regions
Operating Status
Active
IPO Status
Private
Contact Email
venturemichiganfund@gcmlp.com
The Venture Michigan Fund ("VMF") is a venture capital fund investment program formed under the Michigan Early Stage Venture Investment Act of 2003 (or the "Act of 2003"). VMF seeks to promote Michigan's economic health by assisting in the creation of new jobs, new businesses and new industries in Michigan through the creation of a fund-of-funds. The fund-of-funds will invest in venture capital managers that invest primarily in Michigan-based early stage companies. As per the Act of 2003, the capital for the program has not be 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 Michigan Business Tax and/or withholding tax obligations of the investors. The Credit Suisse Customized Fund Investment Group ("CFIG") was chosen as manager for the program through an RFP process and was engaged in January 2006.

VMF currently consists of two fund-of-funds. The Venture Michigan Fund I, Limited Partnership ("VMF I") is a $95 million fund launched in 2006. VMF I is fully committed and has invested in eleven venture capital funds. 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. Interest venture capital fund managers may view the information request list for further details.
Technologies
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