KALAMAZOO ? The Southwest Michigan First Life Science Fund will be managed by Open Prairie Ventures, an Illinois-based venture fund. Patrick Morand, Managing Director of Southwest Michigan First fund, will remain in this role as well as assuming the role of President of Open Prairie Ventures.
The funds have collaborated for more than five years on a number of investments, including Vestaron, a Kalamazoo-based agricultural company developing the next generation of environmentally conscious insecticides derived from peptides produced by spiders.
OPV was founded in 1999 and is headquartered in Effingham, Ill. with additional offices in Kansas and Southwest Michigan. OPV has successfully brought early stage ideas to syndicated investments and successful returns for its investors, including two Initial Public Offerings, the most recent of which was Infoblox.
In 2005, the Southwest Michigan Fund was formed as a limited partnership venture fund focusing on early stage life sciences opportunities in Southwest Michigan. Operating under the Southwest Michigan First Group of Companies, the fund?s primary goal has been to spur economic development and retain intellectual capital within the region.
With OPV now assuming an advisory role over both funds, the funds are expected to operate more dynamically and expand their investment focus.
?We see great potential in assisting the (Southwest Michigan First) fund realize its vision and mission, as well as the opportunity to become more involved in the overall turnaround agenda in Michigan, ? said Jim Schultz, CEO and founder of Open Prairie Ventures. ?We look forward to working closely with the Fund?s portfolio companies and growing new opportunities in Michigan and throughout the Midwest. Realizing the vision of the Fund?s founders to develop an aggressive life science agenda in the region is key to our knowledge base and investor instincts.?
Said Southwest Michigan First CEO Ron Kitchens: ?Our expanded relationship with OPV brings investment expertise and stronger syndication possibilities at a time when Southwest Michigan First is focusing its effort on increasing capital formation in the region. Where capital is available, great ideas follow and new companies will be formed. This investment cycle is crucial to growing the regional economy. We anticipate great performance from the investment team at OPV.?
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