State Seeks Venture Capital Fund Manager

Wisconsin is one step closer to having its state-funded venture capital fund up and running as the Department of Administration (DOA) has released a Request for Qualifications (RFQ) soliciting a qualified fund manager.

According to the RFQ, “The Investment Manager will be charged with developing an investment plan designed to achieve the goals set forth by the State of Wisconsin, selecting venture funds per the requirements of Act 41, negotiating and executing agreements with venture funds, performing regular due diligence of each selected fund and evaluate fund performance and compliance, periodic monitoring and completing required annual and quarterly reporting.”

All RFQ proposals are due October 17, 2013. The five-member venture capital review committee will then evaluate proposals and select a qualified fund of funds manager for the venture capital investment program. The goal is to select a fund manager before the end of 2013. The contract for the fund manager will be approved by the Joint Finance Committee and Legislative Audit Bureau.