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July 31, 2008
For Press Inquiries: Kelly O'Donnell |
Beringea Launches its Newest Fund: The InvestMichigan! Growth Capital FundFARMINGTON HILLS, Mich. — Beringea today announced the launch of the InvestMichigan! Growth Capital Fund. The $150 million Fund, which will be co-managed by Credit Suisse's Customized Investment Group, was proposed by Governor Jennifer Granholm in her 2008 State of the State address. The InvestMichigan! Growth Capital Fund will be the first of its kind in the State of Michigan; focusing solely on expansion stage and small buyout stage companies that are located or in the process of moving to the State of Michigan. The aim of the Fund is to retain and attract growth businesses to the State and to continue to bolster Michigan's reputation for entrepreneurship. The Fund will invest $2-$7 million in companies with enterprise values of less than $200 million in sectors such as advanced materials and manufacturing, healthcare and biotechnology, media, communications, homeland security, IT and clean technology. Portfolio companies and their management teams will also be offered the support and mentorship of the InvestMichigan! Business Leadership Council, which comprises successful business leaders and entrepreneurs from around the State of Michigan. "This Fund presents an unparalleled opportunity to invest in the great growth companies whose talent and ingenuity we want to keep in the State and to offer them an unprecedented amount of advice and mentorship through the Business Leadership Council." comments Charles Rothstein, co-founder and senior managing director of Beringea. "It is the kind of support Michigan businesses need to continue their success against the harsh economic backdrop in which they exist." About the InvestMichigan! Business Leadership Council Companies that become part of the portfolio and their management teams will be supported by the Fund's Business Leadership Council (BLC); comprised of Michigan business leaders who offer support, guidance and access to business relationships. Members include: Roger Penske, Chairman & CEO, Penske Corp. and Chairman of the BLC; Jon Barfield, Chairman & President, The Bartech Group; John Brown, Chairman, Stryker Corporation; Ben Carter, EVP & COO, Detroit Medical Center; James Epolito, Michigan Economic Development Corporation; Mark Fields, Ford Motor Company; Dan Gilbert, Chairman, Quicken Loans, Inc.; James Hackett, President & CEO, Steelcase, Inc.; William Hartman, Citizens Bank; Jim Herbert, Chairman & CEO, Neogen Corporation; George Jackson, President & CEO, Detroit Economic Growth Corporation; Thomas Kinnear, Ross School of Business, University of Michigan; Josh Linkner, Founder & CEO, ePrize, LLC; Andrew Liveris, Chairman & CEO, Dow Chemical Co.; Mark Murray, President, Meijer, Inc.; Bob Naftaly, Former COO, BCBS; Rich Peters, Managing Director, Transportation Resource Partners; Mary Petrovich, CEO, AxleTech International; Sandra Pierce, President & CEO, Charter One Bank (MI & IN); Rebecca Smith, East Mich. Regional President, Huntington National Bank; and, Ken Whipple, Chairman, CMS Energy. About Beringea Beringea is an international private equity and investment banking firm with offices in Detroit, Los Angeles, London and Shanghai. Beringea's funds invest in a range of small to medium sized companies with the potential for high growth and strong returns for investors. Beringea is the manager of funds including InvestMichigan! Growth Capital Fund, InvestCare Partners and Global Rights Fund II, among others. For more information on Beringea's private equity activities, visit www.beringea.com
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