State Fund approves up to $17.5 million in investments

The Michigan Strategic Fund board approved the 21st Century Investment Fund’s decision to invest up to $7.5 million in EDF Ventures and $10 million for Venture Investors LLC.

EDF Ventures, an Ann Arbor-based, venture capital firm, invests in early-stage life sciences and information technologies emerging from the Midwest and Southern California.

Venture Investors LLC, which is opening an office in Ann Arbor, is a premier provider of seed and early stage venture capital in life sciences, information technology and engineering companies.

Credit Suisse, the worldwide financial services company, currently manages the investments for the 21st Century fund and will determine the final amount invested in the ventures.

In March, the MSF Board approved investments through the 21st Century Investment Fund to venture capital firms Arboretum Ventures II (life sciences and medical equipment companies) and Nth Power, a San Francisco firm that invests in clean energy technology companies. The Investment Fund was started by Governor Granholm as part of her $2 billion, 10-year initiative to diversify the state’s economy and grow hi-tech companies and jobs.

http://www.michigan.org/medc/news/combo.asp?ContentId=D3EE8CAE-965E-4AC3-A4B2-1459F77AC501