LANSING - Calling all fund managers. The Michigan Economic Development Corp. has issued a request for proposals for professional firms to manage nearly $400 million that will be invested in promising Michigan technology and life sciences companies as part of Gov. Jennifer Granholm's 21st Century Jobs Fund.
The fund manager will work for the Michigan Strategic Fund. The MEDC will provide administrative services to the MSF Board for the RFP process.
“Seeking professional investment advisors to serve as fund managers is
another step in diversifying our economy and ensuring the economic vitality of
Michigan’s growing high-tech companies,” said MEDC CEO James Epolito. Epolito also serves as president and chairman of the MSF board.
Fund manager responsibilities will include: establishing and managing an investment plan,
supervising the issuance of a request for proposals to solicit funds, evaluating and
recommending funds for investment, and monitoring performance and ensuring
response to capital calls and disbursements.
The MSF board estimates that up to $114 million is available in 2006 and
2007 for the creation and development of the investment programs, with up to $400
million available over the course of the 21st Century Jobs Trust Fund.
“Michigan has the most aggressive economic plan of any state in the
country,” Granholm said. “The Jobs for Michigan Investment
Fund will help Michigan businesses secure the kind of capital they need to grow at
every stage of development and create new, high-paying jobs.”
Proposals must be submitted electronically and are due no later than May 11. Award recommendations are expected in early June.
To read the RFP, click on Michigan.Org/MSF
