Madison, WI, August 16, 2016 --(PR.com
)-- The Badger Fund announced the successful completion of fund raising. The Fund raised over $10 million of capital from private investors more than doubling what is required by ACT 41 legislation. The legislation required the Fund to raise at least $5 million dollars from the private sector to have the State invest $25 million in the Fund.
“I’m impressed and even a bit surprised by the response of the Wisconsin investment community on the Badger Fund vision,” said Ken Johnson of Kegonsa Capital Partners which, with Sun Mountain Capital, formed Sun Mountain Kegonsa to manage the Badger Fund.
Investors include individuals and institutions from all over the state - Dane County, Milwaukee County, up north and the western parts of Wisconsin and Fox Valley - along with investors from outside the state.
“Wisconsin ranks in the bottom quartile, and in some rankings dead last, geographically for American startup activity,” Johnson added. “Yet all of these investors share the vision that Wisconsin venture capital investment returns can compete nationally.” The Badger Fund is pursuing a strategy it has called “Money for Minnows.”
The vision is growing seed and early stage venture fund managers locally versus bringing in an experienced firm to open a Wisconsin office and then close it and move on as soon as the state provided capital has been invested.
“The clear need in the Wisconsin VC ecosystem is with company formation, seed and early stage funding,” said Brian Birk, a Badger Fund partner from Sun Mountain Capital. “The Badger Fund’s Money for Minnows program fills this early stage need."
“Building from within, we intend to grow the Wisconsin VC profession,” Birk added.
About the Badger Fund of Funds
The Badger Fund of Funds I, L.P. was formed in 2015 and includes $25 million from the State of Wisconsin pursuant to 2013 Wisconsin Act 41 to invest in Wisconsin based venture capital funds. The Badger Fund is managed by a partnership of Sun Mountain Capital and Kegonsa Capital Partners. The State of Wisconsin, individuals and the fund manager have invested over $30 million in the Badger Fund. www.badgerfundoffunds.com
About Sun Mountain Capital
Sun Mountain Capital is based in Santa Fe, New Mexico and was founded in 2006 to focus on private equity investing in high potential underserved geographies. Currently, Sun Mountain Capital has over $800 million in private equity assets under management and advisement. Sun Mountain Capital is a Registered Investment Adviser (RIA) registered with the United States Securities and Exchange Commission (SEC). www.sunmountaincapital.com
About Kegonsa Capital Partners
Kegonsa Capital Partners was founded in 2004. Currently Kegonsa manages the Kegonsa Seed Fund I, LP, and Kegonsa Coinvest Fund, LLC. Both funds are based in Wisconsin with a focus on seed and early stage investments in Wisconsin based startup companies. In 2011, Kegonsa and Sun Mountain agreed to form a partnership to manage a Wisconsin based Fund of Funds investment vehicle. www.kegonsapartners.com