Venture Michigan Fund, backed by the state, issued an RFP for venture capital managers. The $150 million fund will provide venture capital to Michigan-based startup technology companies. Funding will come through the sale of debt instruments to Michigan-based banks, insurers and other corporations; venture capital managers "with a significant Michigan presence" will be selected, according to a statement by state Treasurer Jay B. Rising. Michigan Gov. Jennifer M. Granholm established the fund earlier this year as a non-profit corporation, governed by a seven-member board she appoints.
Proposals are due Aug. 31 and should be sent to [email protected] michiganfund.org. Information on the fund is available at www.venturemichiganfund.org. Terry Stanton, public information officer for the treasurer's office, did not return a call seeking more information about the RFP.