Fund 1: The Story Begins
Fund Start Date: 1986
Fund Capital
$4 million
Stage
Seed & Early Stage Enterprises
Deal Structure
Royalty and Equity
Region of investment/office(s)
Michigan: Detroit
Michigan Product Development Fund
Our beginnings in VC with the State of Michigan as our anchor investor
Fund 2: Taking a Baby Step
Canadian Venture Lending Fund
A small but significant step for us in our international expansion with the Federal Business Development Bank of Canada as the anchor investor
Fund Start Date: 1992
Fund Capital
C$100 million
Stage
Seed & Early Stage Enterprises
Deal Structure
Debt and Royalty
Region of investment/office(s)
Canada: Montreal, Toronto, Vancouver
Fund 3-4: Across the Pond
Fund Start Date: 1993
Fund Capital
€5 million
Stage
Early and Growth Stage Enterprises
Deal Structure
Royalty and Equity
Region of investment/office(s)
France and Germany: Paris
The Fund for Technology
Taking a bold step to enter Europe with Financière St Dominique (later acquired by Natexis) as the anchor investor
Fund Start Date: 1994
Fund Capital
€5 million
Stage
Early and Growth Stage Enterprises
Deal Structure
Royalty and Equity
Region of investment/office(s)
W. Europe: Luxembourg
Technology Performance Financing Scheme
Deepening our European experiences with banks and the European Union as the anchor investor
Fund 5-7: A Leap of Faith
Sub-Sahara Enterprise Fund
Interesting how new opportunities emerge with the International Finance Corp. as the anchor
Fund Start Date: 1993
Fund Capital
$280 million
Stage
Growth Stage Enterprises
Deal Structure
Debt and Royalty
Region of investment/office(s)
Countries of Sub-Sahara Africa: Johannesburg and Cape Town
East Africa Fund of Funds
A new asset class for the region; World Bank as the anchor
Fund Start Date: 1994
Fund Capital
$5 million
Stage
Fund of Fund
Region of investment/office(s)
E. Africa: Kampala and Nairobi
Succession Fund for South Africa
Oh my––deploying capital to make not just profit, but overcome the ravages of apartheid and restore human dignity with the International Finance Corp. as the anchor investor
Fund Start Date: 1996
Fund Capital
$30 million + $5 million TA
Stage
Fund of Fund
Deal Structure
Equity
Region of investment/office(s)
S. Africa: Johannesburg and Cape Town
Fund 8-11: Better Than Expected
Fund Start Date: 1997
Fund Capital
$32 million
Stage
Growth Stage Enterprises
Deal Structure
Debt and Equity
Region of investment/office(s)
Russia: Samara, Saratov and Volgograd
Lower Volga Regional Venture Fund
Finance the transition to capitalism with the European Bank for Reconstruction and Development and the US Agency for International Development as anchor investors
Fund Start Date: 1998
Fund Capital
$440 million
Stage
Growth Stage Enterprises
Deal Structure
Debt and Equity
Region of investment/office(s)
Russia: Khabarovsk, Sakhalin and Vladivostok
The US-Russia Investment Fund
Accelerating economic transition thru a much larger fund with the US Agency for International Development and the US Department of Treasury as anchor investors
Fund Start Date: 2005
Fund Capital
$5 million
Stage
R&D
Deal Structure
Innovation Grants and Equity
Region of investment/office(s)
Countries of the Former Soviet Union: Moscow
CIS High Technology Initiative
Delivering corporate technical talent to CIS technologies with Shell Technology Ventures and GameChanger as anchor investors
Fund Start Date: 2010
Fund Capital
$75 million
Stage
R&D
Deal Structure
Innovation Grants
Region of investment/office(s)
Kazakhstan: Astana
The Technology Commercialization Project
Investing grants as equity to make technology ‘customer ready’ to become’ investor ready’ with the Government of Kazakhstan and the World Bank as anchor investors
