News Column

Joint Finance Committee Approves Venture Capital Contract

June 10, 2014

MADISON, Wis., June 10 -- Gov. Scott Walker, R-Wis., issued the following news release:

Governor Scott Walker thanked the Joint Finance Committee (JFC) for approving the venture capital contract with Sun Mountain Kegonsa (SMK) to provide fund manager services to the State of Wisconsin.

"New business ventures are the driving force of job creation, and this program will ultimately help increase the number of private sector jobs by investing in start-up companies," Governor Walker said. "The funds will go to Wisconsin-based businesses, and there are a number of measures in place to ensure accountability and transparency for the hard-working taxpayers."

The contract will be formally signed with the Department of Administration (DOA) after Sun Mountain Kegonsa raises $5 million in partner funds. SMK is also required to contribute at least $300,000 of its own funds. The Legislative Audit Bureau and Joint Finance Committee have both confirmed that the venture capital contract with SMK adheres to the Act 41 requirements.

The JFC also authorized release of $25 million for the venture capital investment as those funds are required to be released by the end of the fiscal year.

To ensure accountability and transparency for taxpayer funds, the investment manager is required to submit quarterly and annual reports to DOA, which must include an annual audit of financial statements along with other important investment related information.

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Source: Targeted News Service

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