DETROIT —Beringea and the Credit Suisse Customized Fund Investment Group have launched Michigan Growth Capital Partners II, a $180 million fund dedicated to providing growth equity to Michigan companies. The new fund follows on the success of Michigan Growth Capital Partners, launched in 2008 as part of the $300 million InvestMichigan! Program.
MGCP II will provide equity capital to growth-oriented businesses, led by talented managers at or near profitability. Prospective businesses may participate in a range of dynamic sectors, including but not limited to: advanced materials and manufacturing, health care and life sciences, media and communications, specialized consumer goods, homeland security, information technology, and clean technology.
The fund’s objectives include providing a compelling return to investors, retaining and attracting growth businesses to Michigan; nurturing portfolio companies at each phase of development; enhancing Michigan’s reputation for entrepreneurship; attracting leading regional and national private equity and venture capital investment funds to Michigan; and further developing Michigan’s entrepreneurial ecosystem.
MGCP co-managers Beringea and CFIG have reviewed more than 1,200 deals since the InvestMichigan! Program’s inception in 2008. MGCP has invested in 28 companies creating more than 5,000 jobs in Michigan.