Morrison Congratulates Board of Investments – $25 Million Investment For Venture Capital In Montana
State Auditor John Morrison today congratulated the Board of
Investments for taking the initiative to create important new access to venture
capital for Montana businesses.
"The "fund of funds" idea we developed for the 2003 Legislature is coming to
fruition," said State Auditor John Morrison. "The Board has taken that model,
invested $25 million, and brought in professional managers to make it work. As
a privately run, return driven program, it is an important step in helping
Montana’s economy to grow."
Morrison added, "Many people have worked hard to make sure this critical
economic development project is a success. I want to express my sincere
gratitude to Dave Gibson, Governor’s Office of Economic Opportunity; and Senator
Jon Tester, the chief sponsor of the legislation in the 2003 Session, the
Economic Affairs Committee, and all of the other people that worked so hard to
make this happen."
The Board of Investments approved contracting with Credit Suisse First Boston to
create a "fund of funds" project to increase investments in regional venture
capital funds. "The Board will invest $25 million dollars with Credit Suisse
First Boston." Credit Suisse First Boston will then be required to raise an
additional $15 million to $50 million dollars for investment purposes. The
regional investments will focus on Montana, Idaho, Utah, and Eastern Washington.
An office and staff will be located in Montana to facilitate entrepreneurs’
ability to interact and have access to venture capitalists, which greatly
increases the potential for venture capital investments in our growing companies.
"Montanaís small businesses have a tremendous need for equity capital and this
new fund will put our companies on a level playing field with growing companies
in other states," said Gibson. Morrison added, "It is time to start thinking
creatively about how to get Montana’s economy moving forward. This is a step in
the right direction."
The Montana Venture Capital, SB 465 (2003) would have created a private,
professionally run venture capital fund in which institutional investors could
invest. The fund, which would invest in other smaller funds, was modeled after
proven, successful programs in other states.
Sarah J. Elliott
Montana State Auditor’s Office
Oregon Investment Fund Issues Questionnaire to Venture Capitalists Seeking to Participate in New $105 Million Fund
PORTLAND, Ore., Sept. 30 /PRNewswire/ — Credit Suisse First Boston announced at Wednesday’s Oregon Investment Council meeting that it is issuing the first questionnaire to Oregon venture capital firms in search of funding. The firm is seeking investments for the Oregon Investment Fund (OIF). Credit Suisse First Boston (CSFB) Customized Fund Investment Group released the questionnaire after offering a preview to more than 150 venture capitalists, civic leaders, and entrepreneurs at a kickoff event in Portland on Wednesday, September 29.
"The Oregon Investment Fund will invest in venture capital firms and startup companies that show high potential, and will look to Oregon’s back yard first," said State Treasurer Randall Edwards. "Disciplined investment in venture capital and growth companies provide the opportunity for good returns for the Oregon Public Employees Retirement Fund."
The OIF was created in February with the goal of identifying new investment opportunities for the Oregon Public Employees Retirement Fund (OPERF). The Oregon Investment Council allotted $100 million from the OPERF to create the investment fund, and CSFB contributed an additional $5 million. Over the next several years, the fund’s $105 million in assets will be awarded to venture capital firms and selected through an evaluation process based primarily on responses to the questionnaire.
"Return on investment will be the key factor in achieving success for the Oregon Investment Fund," said Kelly Williams, Managing Director and Global Co- Head of CSFB’s Customized Fund Investment Group. "By focusing on investments in healthy, viable growth businesses, the OIF will further diversify PERF’s private equity holdings. The economic development benefits are obviously important, but prudent investing will be the top priority."
David Almodovar, based in CSFB’s Portland office, and representatives from the State Treasurer’s office will conduct a statewide tour to explain to venture fund managers and business leaders across the state the new fund’s processes and requirements. Current plans include visits to Medford, Bend, and Pendleton in October, with dates to be announced soon.
For more information on the Oregon Investment Fund, or to review the RFP, please visit http://www.oregoninvestmentfund.com.
CSFB’s Customized Fund Investment Group (CFIG) is one of the leading managers of private equity fund of funds and co-investments, with more than $9 billion of commitments in more than 450 private equity funds and co- investments. CFIG’s clients include sophisticated institutions and high-net worth investors. CSFB’s extensive transaction experience, which includes coverage of many top-tier private equity sponsor groups, allows CFIG to access and analyze many leading private equity and venture capital funds. CFIG has completed investments in venture capital, leveraged buyout, mezzanine, real estate and distressed debt funds worldwide.
Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB’s businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 33 countries across five continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company
Source: Credit Suisse First Boston
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