Birmingham's Glencoe Capital invests majority of $150M fund in 5 local companies

Glencoe Capital is an in-state business that is creating jobs through its other Michigan-based businesses.

The downtown Birmingham-based private equity firm has been managing some of the investments from the state of Michigan Retirement System for 15 years. It closed the $150 million Michigan Opportunities Fund in the summer of 2008 and has invested in five companies since then, all of which are either based in or have expanded in the Great Lakes State.

"We're fairly industry agnostic when it comes to investments," says Doug Kearney, principal of Glencoe Capital. "We're looking for good, solid businesses to take to the next level."

So far 60 percent of the Michigan Opportunities Fund is invested in those five companies, which include American Education Group (based in Grand Rapids), MooseJaw (Madison Heights), and Saline-based Flatout. The revenues of those companies are up 30 percent and they have doubled their employee count.

"We're looking to have eight or nine businesses over the next few years," says Jason Duzan, managing director of Glencoe Capital.

The 18-year-old firm has six employees in its downtown Birmingham headquarters and also has an office in Chicago.

Source: Jason Duzan, managing director of Glencoe Capital and Doug Kearney, principal of Glencoe Capital
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Birmingham's Glencoe Capital invests majority of $150M fund in 5 local companies

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