Bigger funds on rise in Michigan, says Michigan Venture Capital Assoc

Michigan's venture capital community is starting to show some big signs of maturity, according to a recent report from the Michigan Venture Capital Association. The state has seen the emergence of more nine-figure funds. Michigan now has six funds that are greater than $100 million and another eight are between $50 million and $100 million. Many of the largest funds are based in Ann Arbor, such as the Arboretum Ventures' $140 million fund that closed last fall. "It's just a very good sign that things in Michigan are heading in the right direction," says Merrill Guerra, executive director of the Michigan Venture Capital Association. "It's a maturing of the venture capital community." The report also offered a few other insights into the state of venture capital in the Great Lakes State in 2011. – Michigan start-ups raised $191 million in venture capital from 38 investments. -The number of VC firms and portfolio companies in Michigan grew to 54 funds that are managing the growth of 335 active start-ups. – The amount of money under management is up 64 percent over the last five years. There is now about $3 billion under management with $370 available for investment. – Four venture capital firms closed large funds last year, totaling $348 million. Those firms include Ann Arbor staples Arboretum Ventures and Plymouth Venture Partners. Source: Merrill Guerra, executive director of the Michigan Venture Capital Association Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.