DETROIT —Beringea and the Credit Suisse Customized Fund Investment Group (“CFIG”) have launched Michigan Growth Capital Partners II, L.P. (“MGCP 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 (“MGCP”), L.P., 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, IT 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 employing more than 5,000 in Michigan.
For more information on the Michigan Growth Capital Partners II and the InvestMichigan! Program, please visit www.investmichiganfund.com.
Beringea, Michigan’s largest and most active expansion-stage capital investor, offers advice, guidance and capital to support growing businesses. With offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of Michigan Growth Capital Partners Funds and the Michigan Growth Capital Partners Mezzanine Fund in the U.S., as well as the ProVen VCT family of funds in the UK, among others.
About the Customized Fund Investment Group
The Customized Fund Investment Group is one of the world’s leading managers of private equity investment programs, with approximately $29 billion of client commitments under management. CFIG’s team is comprised of over 120 professionals, and the group’s senior investment professionals have extensive backgrounds in managing private equity portfolios at leading public and corporate pension plans. Credit Suisse’s extensive transaction experience, which includes coverage of many top-tier private equity sponsor groups, facilitates CFIG’s access to and analysis of many leading fund investment and co-investment opportunities. CFIG seeks to facilitate access to top quartile private equity managers and will bring its institutional expertise and due diligence capabilities to bear in constructing well-developed private equity portfolios for its clients. CFIG manages or co-manages over $625 million of capital dedicated to investing in Michigan including the Invest Michigan Growth Capital Fund, Invest Michigan Mezzanine Fund, Venture Michigan Fund and Michigan 21st Century Investment Fund.