Wisconsin Department of Administration issued a request for qualifications in a search for an investment manager to oversee a newly created fund-of-funds venture capital investment program, seeded with at least $30 million and assisted by the State of Wisconsin Investment Board, Madison.
Three representatives of SWIB, which oversees $97 billion, will serve on the five-member committee selecting the manager as well as providing ongoing advice on the program.
Under the venture capital program, created by legislation signed into law July 18, the state will contribute $25 million to the fund this fiscal year, while the manager is required to raise at least $5 million from other sources and invest at least $300,000 of its own funds.
Vicki Hearing, SWIB public information officer, couldn't be reached for comment on whether SWIB will invest in the fund.
Kevin Taylor, director, capital finance office of the department, which is overseeing the search process, couldn't be reached for comment on provisions for future funding of the program.
“The goal of the fund is create jobs and economic growth in Wisconsin by increasing investment in Wisconsin companies through qualified venture capital funds,” according to the RFQ, available on the department's website.
The manager will oversee the program, developing an investment plan and selecting venture capital funds to achieve the goals, according to the RFQ, issued Monday.
Responses are due Oct. 17. The goal is to select a manager by year-end.