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