TROY – The Venture Michigan Fund II, Limited Partnership Tuesday announced its first investment commitment to MK Capital II, L.P., a technology venture capital fund that focuses on emerging companies in the digital media, software and education industries. MK Capital has offices in Ann Arbor, Chicago and Los Angeles.
?We are very pleased with the quality responses we have received from Michigan?s venture capital community since the launch of the Venture Michigan Fund II,? said Kelly Williams, Managing Director and Head of the Credit Suisse Customized Fund Investment Group. ?MK Capital has demonstrated a strong commitment to growing Michigan-based businesses and we are delighted to be able to work with them and play a crucial role in building Michigan?s new economy. With one Michigan investment already completed by MK Capital II and a demonstrated strong Michigan deal flow, we are confident that MK Capital will execute their Michigan strategy with attractive results.?
The investment amount was not disclosed. Credit Suisse?s Customized Fund Investment Group manages the VMF II, which will make investment commitments totaling $120 million to venture capital funds during the three year investment period.
?It?s exciting for Michigan to see the Venture Michigan Fund II make its first investment commitment,? said Tom Kinnear, Chairman of the Venture Michigan Fund Board. ?We expect the execution of the VMF II program to play an important role in building a stronger venture capital and entrepreneurial community in Michigan. This will help the state attract and grow high technology companies and industries, which I believe will have a major favorable impact on the future of the Michigan economy.?
VMF II has $120 million to invest in venture capital funds targeting seed and early stage capital Michigan companies in a wide variety of high growth, emerging industries. These include advanced manufacturing, health care and life sciences, information technology, alternative energy, and homeland security and defense.
Venture capital fund managers participating in the VMF II program will be required to invest at least as much in Michigan-based companies as they receive in capital commitments from VMF II. Fund managers will be selected to receive capital from VMF II through a competitive process.
The Venture Michigan Fund, a Michigan nonprofit corporation, was formed under the Michigan Early Stage Venture Investment Act of 2003, as amended, with a view towards stimulating Michigan?s economic health by fostering job creation, retention, and expansion through the promotion of investment in venture capital funds specializing in seed and early stage investments.
For more information, click on VentureMichiganFund.Org
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