Small Business Administration (SBA) has unveiled a venture capital fund to invest $130 million in high-growth companies in Michigan over the next five years. The InvestMichigan! Mezzanine Fund will invest between $5 million and $15 million in cash flow-positive companies, with revenues in excess of $20 million and EBITDA in the range of $3-15 million.
The fund will receive $35 million investment from the State of Michigan Retirement Systems, while Dow Chemical will contribute $15 million to the fund, adds The New York Times. The fund is managed by Credit Suisse’s Customized Fund Investment Group and Beringea.
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