21st Century Investment Fund invests $36M, brings in 2 new VC offices

--This article originally appeared on July 9, 2009

Michigan's 21st Century Investment Fund has struck again, and Metro Detroit is getting a large slice of that $35.5 million investment pie.

Four investment funds were selected, with the largest chunk ($14.5 million) going to Detroit-based Peninsula Capital Partners, the state’s largest mezzanine fund.

Arsenal Venture Partners, Early Stage Partners and Triathlon Medical Ventures, all based outside of the state, received the remaining share. Early Stage Partners received $10 million and will establish an Ann Arbor office. It focuses on the educational, scientific, and medical sectors.

Arsenal Venture Partners, an early stage venture capital firm specializing in defense and commercial markets, received $5 million. The firm will open an office in Ann Arbor.

Triathlon Medical Ventures specializes in the life sciences and is looking to hire a partner from Michigan to help manage its $10 million share.

Michigan's 21st Century Investment Fund is part of the state's $2 billion 21st Century Jobs Fund. The intiative plans to invest this money over a decade to help diversify the state's industries and create more new economy jobs.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke

21st Century Investment Fund invests $36M, brings in 2 new VC offices

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