The state Department of Administration has released a “Request for Qualifications” to select a qualifed fund manager for the recently enacted state early stage capital program. The program, passed as Assembly Bill 181 and signed into law as Act 41, will create a matching program for $25 million in state investment into a “fund of funds.”
“Today, we are taking another step toward creating a meaningful venture capital program in our state,” Administration Secretary Mike Huebsch said. “Ultimately, this venture capital program will help small businesses attract the resources they need to expand, as well as provide additional opportunities for emerging entrepreneurs. I would like to thank Gov. Walker and members of the Legislature who supported creating this economic development tool.”
All RFQ proposals are due Oct. 17, 2013. The five-member venture capital review committee will evaluate proposals and select a qualified fund of funds manager by the end of 2013. The contract for the fund manager will be approved by the Joint Finance Committee and Legislative Audit Bureau. The RFQ is available on the DOA website.