A familiar name in Michigan's venture capital community found itself prominently mentioned in a recent report about the Michigan 21st Century Investment Fund,
The Ann Arbor-based venture capital firm has been the most active manager to date in the Michigan 21st Century Investment Fund portfolio with more than $17.5 million invested in eight Michigan-based companies. It recently closed on a $140 million fund.
"They find funds in their own backyard but they are a national firm as well," says Sean O'Donnell, vice president of Credit Suisse's Michigan office, which helps manage the Michigan 21st Century Investment Fund
The Michigan 21st Century Investment Fund launched in 2006 and is worth $109 million. Its goal is to provide capital to fund managers making venture capital, private equity and mezzanine investments in Michigan-based firms in the life sciences, manufacturing, healthcare, IT and media industries. Those fund managers have invested $97.4 million in 24 Michigan-based portfolio companies, which have 790 Michigan employees.
Many of those VCs are have made smaller investments, but others have made large ones. Pegasus V has invested $35 million in one investment from what O'Donnell says will be a $1 billion fund.
"That's the nice thing about the Michigan 21st Century Investment Fund, it covers all spectrums," O'Donnell says.
Source: Sean O'Donnell, vice president of Credit Suisse's Michigan office
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.