Wisconsin’s state-backed venture capital program, the Badger Fund of Funds, has identified its sixth and seventh fund managers and extended them contingent commitments to launch its final funds, according to a new report filed with the State of Wisconsin.

Andrew Walker, Ross Leinweber, Jonathon Horne, Richelle Martin, Dan Brooks and David Trotter discuss the Badger Fund of Funds with Tom Still at the Wisconsin Entrepreneurs’ Conference in June.









Santa Fe, New Mexico-based Sun Mountain Capital, which is partnering with Stoughton-based Kegonsa Capital Partners LLC to manage the Badger Fund of Funds, planned to have all of its six to eight regional funds established by the end of 2018. This new report details the progress of the BFOF as of the end of 2018.

The State of Wisconsin awarded $25 million to Sun Mountain and Kegonsa in 2013 to establish the Badger Fund of Funds, which raised another $10 million from the private sector and agreed to create the six to eight venture capital firms across the state. The fund managers they have selected have so far publicly established the Idea Fund of La Crosse, Winnebago Seed Fund LP in Neenah, Rock River Capital Partners Fund I in Madison, The Winnow Fund for college entrepreneurs in Madison, and Milwaukee-based Bold Coast Capital Fund I L.P. Each fund manager is either raising or has raised its own venture capital fund to invest exclusively in Wisconsin companies, and BFOF matches 40 percent of that total.

According to the new DOA report, The BFOF has also made contingent commitments to two additional funds, a seed fund and a growth fund, one of which is planned for Milwaukee. According to the report, “no new fund commitments will be made.”

The Badger Fund of Funds invests only in companies that the state has designated Qualified New Business Ventures, which make investors eligible for tax credits. Read the full story here.