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VENTURE CAPITAL AND IN THE STATE As and private equity activity has grown in Michigan, so has the number of firms active in the state. Here’s an alphabetical list of venture capital and private equity firms that are either based or active in Michigan. The information is based on interviews with principals at the firms, as well as databases and industry organizations. Fund, location Investment focus Top executive(s) Representative investments Fund size The Anderson Consumer products, industrial, Cory Gaffney, Tom Gaffney Hastings Manufacturing N/A Group, media, property, retail and Barry Shapiro, partners LLC, Michigan Wheel Bloomfield Hills Marine, TecArt Inc. Apjohn Biotechnology, health care, Mina Patel Sooch and Donald ProNAi Therapeutics, $15 million Ventures,* medical devices, Parfet, co-founders and general RenaMed Biologics Kalamazoo pharmaceuticals partners Arboretum Health care, life sciences, Jan Garfinkle, Tim Petersen Arbor Metrix, Fidelis $235 million and Ventures,* medical devices, medical and Paul McCreadie, managing Senior Care, Tangent an estimated Ann Arbor instruments, medical directors Medical $118 million left ** technologies Aria Ventures, Diversified Jeff Sloan, founder HorseShow.com, BizHub, N/A Birmingham Hoscomm Systems

Arsenal Venture IT, communications, energy, Jason Rottenberg, Christopher Bioformix Inc., Arctic N/A Partners,* Winter power, industrial and Fountas and John Trbovich, Sand Technologies Inc. Park, Fla. (locally environmental general partners in Birmingham)

Augment Clean technology, IT, renewable Sonali Vijayavargiya, founder Llamasoft Inc. Target size of Ventures,* energy and managing director; Amit $20 million, fund Ann Arbor Roy, managing director still open

Belle Capital, Clean technology, consumer Carolyn Cassin and Lauren Current Motor, Michelle’s $25 million, with Grosse Pointe services, Internet, IT, life Flanagan, managing partners Miracle $20 million left to Farms sciences, manufacturing, medical spend.** devices, technology

Beringea Private Biotechnology, clean tech, digital Charles Rothstein, co-founder Mophie Two funds, totaling Equity,* media, health care, intellectual and senior managing director $365 million Farmington Hills property, IT, leisure, manufacturing, media, medical devices, medical technologies, property, transportation

BioStar Biomedical, health care, medical Louis Cannon, M.D., founder ASI Ablative Solutions $70 million, an Ventures,* devices, medical technologies, and senior managing director Inc., Embrella, Hotspur estimated $8 mil- Petoskey pharmaceuticals lion remaining**

BlackEagle Aerospace, business services, Michael Madden, managing Rockford Products LLC, $200 million with Partners, construction, consumer products, partner Instart Services Group $42 million Bloomfield Hills consumer services, defense, LP, US LBM Holdings remaining ** distribution, health care, industrial, LLC, Waste Associates manufacturing, natural resources, transportation Blackford Middle-market manufacturing, Martin Stein, managing director Source International, Target size of $20 mil- Capital, distribution and service companies Dynamic Fabricators, lion; estimated Grand Rapids Unisen $7 million raised**

Bridge Street Business services, consumer Bill Kaczynski, managing director; Superior Fibers LLC, $40.7 million Capital Partners, products, distribution, health care, John Meilner, managing partner V.I.O. Inc., Callpod, with $1 million Grand Rapids logistics, manufacturing Zorch remaining **

Camelot Venture Financial services, Internet, David Katzman, managing partner Quicken Loans, N/A Group, leisure, retail, technology Fathead.com, Cleveland Farmington Hills Cavaliers, ePrize

CIG Capital Health care Osman Minkara, managing principal; Elixir International LLC, $25 million fund Partners, Paul Schapira, vice president GenerationOne Inc. limit Southfield of alternative investment

*Identified as venture capital firm by the Michigan Venture Capital Association **Estimates based on information from various databases CONTINUED ON PAGE 25 Page 24 SPRING 2013 20130311-SUPP--0025-NAT-CCI-CD_-- 3/5/2013 2:52 PM Page 1

CONTINUED FROM PAGE 24 Fund, location Investment focus Top executive(s) Representative investments Fund size

CITG Capital Manufacturing, software, Naimish Patel, managing LenderLive, Netlink, N/A Partners, Troy technology, telecoms director Precision Optical Manufacturing

Chrysalis Ventures,* Early- and expansion-stage health David Jones Jr., chairman; BioSeek and $400 million Louisville, Ky. care and technology companies Koleman Karleski, Intervention Insights (locally in Ann Arbor) in the Midwest and South managing partner

Detroit Investment Construction, consumer products, David Blaszkiewicz, president Global Titanium Inc., Roughly $45 million Fund, Detroit consumer services, distribution, of Invest Detroit and Detroit International Specialty manufacturing, property, retail Investment Fund Tube, Madison Building, Broderick Tower Detroit Venture Digital media, IT security, Josh Linkner, CEO and UpTo, Are You a Human? N/A Partners,* Detroit software, technology managing partner

Donnelly Penman Financial services John Donnelly, managing Aquesta Bank, Level One $28 million with Capital, member Bancorp Inc., MidSouth $4 million remaining** Grosse Pointe Bank Dow Ventures,* Companies in areas of strategic Monty Bayer, corporate vice Alta Devices, Imprint $30 million spent Midland interest to Dow, focusing on president for new business Energy, Xtreme Power annually technology development and ventures

DTE Energy Clean technology, energy, Knut Simonsen, president A123 Systems, Echelon, More than $100 million Ventures, Ann Arbor renewable energy PlugPower invested to date EDF Ventures,* Health care, IT Mary Lincoln Campbell and Lycera $160 million under Ann Arbor Mike DeVries, managing management directors Early Stage Early-stage investment in Andrew McColm, managing HistoSonics More than $100 million Partners,* information, health care, director Cleveland, Ohio advanced manufacturing and (locally in Ann Arbor) industrial technology Endurance IT, software, wireless Ron Reed, managing Fullscope Inc., EcoDuro N/A Ventures, Ann Arbor member Inc. Flagship Ventures,* Therapeutics, health technologies, Noubar Afeyan, Ph.D., Accuri Cytometers, Manages more than Cambridge, Mass. sustainability and clean technology managing partner and CEO Tangent Medical $900 million in capital (office opening in Ann Arbor)

Fletcher Spaght Health care devices, diagnostics John Fletcher and Pearson HistoSonics $100 million Ventures,* and services Spaght, founding partners Boston, Mass. (locally in Ann Arbor) Fontinalis Partners,* Mobility solutions companies Ralph Booth, Bill Ford and ParkMe, Life360, N/A Detroit Mark Schulz, founding Streetline partners; Chris Cheever and Chris Thomas, founding principals

General Motors Clean technology, materials, Jon Lauckner, president The NanoSteel Co. $100 million, with an Ventures,* Detroit technology, transportation estimated $64 million remaining**

Glencoe Capital, Diversified David Evans, chairman and American Education $1.5 billion in Birmingham chief investment officer Group, Encore completed transactions Rehabilitation, Child Development Schools, Budco Holdings Inc. Hopen Life Health care, medical devices, Mark Olesnavage; Michael Fidelis Senior Care Two funds, $65 million. Sciences,* medical technologies Fulton, M.D.; Jerry Callahan; Estimated $21 million Grand Rapids managing directors remaining**

Huron Capital Business services, consumer Brian Demkowicz, managing Artissimo Holdings Inc., $1 billion with Partners,* Detroit products, consumer services, partner Bloomer Plastics Inc., $602 million distribution, manufacturing Cardinal Agri-Logistics remaining ** Inc. Huron River Clean tech, energy, engineering, Ryan Waddington and Tim SideCar Technologies $11 million expected Ventures,* materials, power, renewable Streit, managing directors Ann Arbor energy, software, technology *Identified as venture capital firm by the Michigan Venture Capital Association. CONTINUED ON PAGE 27 **Estimates based on information from various databases. SPRING 2013 Page 25 FALL 2006 20130311-SUPP--0027-NAT-CCI-CD_-- 3/5/2013 2:53 PM Page 1

CONTINUED FROM PAGE 25 Fund, location Investment focus Top executive(s) Representative investments Fund size Longpoint Capital, Manufacturing, distribution and Gerry Boylan, Ira Starr and Arrow Tru-Line, Cumming $315 million of capital Royal Oak service Eric Von Stroh, managing Group, The Saxton Group, under management directors UMA Entreprises LV2 Equity Distribution, manufacturing Michael Flint, senior Auto-Lab, Nex N/A Partners, Midland managing director Solutions, MPR McKinley Chemicals, materials, software, Mark McKinley, managing MPG Tech LLC Not currently raising Technology Equity technology partner funds Fund, Bay City Michigan Clean technology, defense, Dale Grogan, managing Ablative Solutions $16 million with Accelerator Fund energy, manufacturing, materials, director $13 million Management,* technology, transportation remaining ** Grand Rapids MK Capital,* Software and digital media Bret Maxwell and Mark Llamasoft, Outdoor More than $250 million Northbrook, Ill. Koulogeorge, managing Hub in total capital under (locally in general partners management across the Ann Arbor) firm’s two funds North Coast Communications, distribution, Lindsay Aspegren and Hugo Stik.com $130 million in capital Technology manufacturing, materials, Braun, co-founders and under management Investors,* software, technology managing partners Ann Arbor O2 Investment Business services, diversified, Jay Hansen, co-founder, RheTech, Silbond N/A Partners, industrial, manufacturing, managing partner and Corp., Greco Aluminum Bloomfield Hills technology president Railings Ltd. Open Prairie Seed-, early- and growth-stage Patrick Morand, president Vestaron, $135 million in three Ventures,* life sciences, technology, TomoTherapy, InfoBlox funds Effingham, Ill. (locally agriculture in Kalamazoo) Oracle Capital Consumer products, health care, David Morris, managing A&D Technologies LLC, $30 million with Partners, Detroit industrial, manufacturing, retail, director MIST Innovations Inc., $4 million remaining** technology TAG Holdings

Peninsula Capital Consumer products, distribution, Scott Reilly, president and Smith Brothers Tool Co., Investing out of Peninsula Partners, Detroit industrial, manufacturing, media, chief investment officer Particle Dynamics Fund V, which has $389 mil- technology International LLC, Kiosk lion committed; five Information Systems Inc. investment partnerships totaling $1.2 billion

Plymouth Diversified Ian Bund, chairman; Mark Lynx Network Group Plymouth Venture Management Horne, CEO Partners II at more than Co.,* Ann Arbor $40 million

Quantum Value Distribution, financial services, Robert Skandalaris, Mossy Oak Graphics, N/A Management, industrial, Internet, publishing, chairman and CEO Vantage Point Auburn Hills software, media, manufacturing Concepts, Manitex Questor Distribution, manufacturing, Jay Alix, managing principal Polar Corp. Manages approximately Management, technology, transportation $1.2 billion in two funds Birmingham (not active)

Renaissance ; investment in Christopher Rizik, CEO and Arsenal Ventures, $110 million Venture Capital top-tier venture funds active in fund manager; Jeff Rinvelt, Flagship Ventures, Fund, Ann Arbor Michigan principal RPM Ventures

Resonant Venture Communications, hardware, Michael Godwin and Jason Duo Security, N/A Partners,* Ann high-tech, IT, IT infrastructure, Townsend, managing Deepfield Network Arbor software directors

RHV Capital LLC, Diversified Glenn Healey and Paul Continental Fire and Safety N/A Bloomfield Hills Rogers, managing Systems, Pneumatic directors and investment Compression Technologies, committee members Onesource Water Rizvi Traverse Diversified Chief Investment Officer Playboy Enterprises Inc., $356 million with Management, Suhail Rizvi and COO John Facebook Inc., Twitter $27 million Birmingham Giampetroni, co-founders remaining**

Rockbridge Growth Business services, consumer Dan Gilbert, Brian Hermelin Quicken Loans, Cleveland N/A Equity, Detroit products, consumer services, and Kevin Prokop, partners Cavaliers, Fathead.com, entertainment, media, financial Title Source, ePrize services, Internet, marketing *Identified as venture capital firm by the Michigan Venture Capital Association. **Estimates based on information from various databases. CONTINUED ON PAGE 29 SPRING 2013 Page 27 FALL 2006 20130311-SUPP--0029-NAT-CCI-CD_-- 3/5/2013 2:53 PM Page 1

CONTINUED FROM PAGE 27 Fund, location Investment focus Top executive(s) Representative investments Fund size RPM Clean tech, digital media, high-tech, Tony Grover and Marc Deepfield, Mojo Motors, Current fund at Ventures,* Internet, IT, manufacturing, materials, Weiser, co-founders and ShareThis $60 million with Ann Arbor retail, semiconductors, software, wireless managing directors $32 million remaining** RSVP Capital, Clean technology, health care, Raymond Spencer and Advanced Battery Concepts, $8 million Ann Arbor renewable energy, technology Paul Vlasic, founding Amplifinity, Liquid Piston Inc. partners SB Partners, Consumer products, financial services, David Shryock, general Bravo Food Group LLC, CLP N/A Holland restaurants partner LLC, Colorado Pharmacy LLC Seneca Healthcare Health care, health care IT, medical Michael Skaff and Critical Signal Technologies $14 million Partners,* devices Anthony Zambelli, Birmingham managing directors Strength Capital Business services, consumer products, Mark McCammon and Inland Industrial Services $140 million with Partners, distribution, financial services, Michael Bergeron, Group, Conifer Holdings, $5 million Birmingham industrial, infrastructure, manufacturing managing partners Inland Pipe Rehabilitation remaining** Superior Capital Business services, distribution, Mark Carroll, managing NAPC Holdings LLC, $60 million with Partners, Detroit industrial, logistics, manufacturing, partner; Scott Hauncher, Aftermarket Controls $8 million retail managing director Corp., Edge Adhesives remaining** SWMF Life Early-stage life sciences companies Patrick Morand, Vestaron $65 million Science Fund,* managing director. Fund Kalamazoo managed by Open Prairie Ventures, Effingham, Ill. Talon Group, Diversified James Agley, president ACT Test Panels LLC, N/A Detroit Diamond Automations Inc., Monroe Mold LLC TechTown,* Technology Leslie Lynn Smith, Pill Pouch, Always Brewing $290,000, with Detroit president and CEO Detroit, CYJ Enterprise $110,000 remaining TGap Ventures,* Advertising, computer services, Jack Ahrens II and Peter HistoSonics Two funds, total Kalamazoo electronics, health care, Internet, IT Farner, general partners $50 million under infrastructure, manufacturing, materials, management. medical devices, medical instruments, An estimated medical technologies, nanotechnology, $19 million software, technology, telecoms remaining Transportation Business services, distribution, Roger Penske, James Tire Group International, See footnote 1 Resource education and training, financial Hislop, Richard Peters, Commonwealth Laminating Partners, services, logistics, manufacturing, David Mitchell and Steven and Coating, Versant Supply Bloomfield Hills outsourcing, retail, transportation Carrel, managing directors Chain, HomeDirect True North Companies performing outsource Jeff Wigginton and Jim PowerTeam Services, KS See footnote 2 Equity, Plymouth services for natural gas and electric Wigginton, managing Energy Services, utilities partners Southeast Connections Wolverine Venture Diversified Erik Gordon, associate Sonitus Medical, $5.5 million Fund,* Ann Arbor director, clinical professor TransCorp Inc. ValStone Real estate and loans Gerald Timmis III and Mortgages backed by real $318 million in Partners, Larry Jennings, Jr., senior estate across the state assets under Birmingham managing directors management Venture Investors,* Seed- and early-stage health care Roger Ganser, founder HistoSonics, Tissue N/A Madison, Wis. and technology Generation Systems (locally in Ann Arbor) Venture Michigan Fund of funds; investment in venture Mike Kell and Sean Arboretum Ventures, Early Venture Michigan Fund,* Troy capital funds that focus on Michigan- O’Donnell, principals. Stage Partners, T-Gap Fund I, $95 million; based early-stage companies. Managed by Credit Ventures Venture Michigan Suisse’s Custom Fund Fund II, $120 million Investment Group Vineyard Capital Business services, consumer services, Rich Helppie, chairman JobApp Network Inc., Santa N/A Group, health care, health care IT, Internet, IT, of the board and CEO Rosa Consulting, Real Bloomfield Hills property, software, technology Estate Services Solution Co. Worth Aerospace, business services, Eric Boorom, president American Copper and N/A Investments chemicals, defense, distribution, energy, Brass LLC, Biological Group, Jackson financial services, food, health care, Mediation Systems LLC, industrial, infrastructure, , Curtis Marketing LLC manufacturing, transportation

1. Currently investing from its third fund, formed in 2008; previous two funds had total transaction values of more than $2 billion. 2. TNE provides funding for acquisitions through a partnership with CIVC Partners, a Chicago-based private equity firm with $1.3 billion under management.

*Identified as venture capital firm by the Michigan Venture Capital Association. **Estimates based on information from various databases. Sources: Michigan Venture Capital Association, Credit Suisse’s Custom Fund Investment Group. List researched by Michelle Muñoz.

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