GREEN BAY, WI (WTAQ) – A business investment program that uses $25 million in state tax dollars is launching its first venture capital funds in Madison, Green Bay, Oshkosh, and Vilas County.
The Badger Fund of Funds was created in the last state legislative session — and the program’s initial venture funds are due to be finalized within the next few weeks.
A partnership called Sun Mountain Kegonsa received the $25 million to run the program. Private capital has increased the fund by more than $5 million.
Capital firms from Madison and Santa Fe New Mexico are working on the Fund of Funds.
Administration officials have told the Legislature’s Joint Finance Committee that they’re pleased with the progress made so far.
Venture capitalist Ken Johnson came up with the Fund of Funds idea to help create jobs. He plans to require those chosen as venture-fund managers to raise matching dollars, and come up with durable investment strategies.
The focus is to make modest investments in numerous smaller start-up companies.
(Story courtesy of Wheeler News Service)
