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PRESS RELEASE: Granholm Announces InvestMichigan!
Contact: Liz Boyd, (517) 335-6397
Program will grow state pension fund, invest in Michigan businesses, create jobs
DETROIT — Governor Jennifer M. Granholm today officially announced the InvestMichigan! program and introduced members of the Business Leadership Council that will support the initiative. Granholm proposed InvestMichigan! in her 2008 State of the State address.
“This program is designed to grow the state’s pension fund by investing in Michigan-based companies,” Granholm said. “InvestMichigan! will help diversify Michigan’s economy by retaining, attracting, and building successful small and medium-sized businesses and, in turn, creating jobs for Michigan workers.“
Through InvestMichigan!, the State of Michigan Retirement Systems has committed $300 million divided equally between a Growth Capital Fund, which will make direct investments targeting venture capital and expansion-stage companies, and a Michigan Opportunities Fund, which will target potential acquisitions and buyouts. The Growth Capital Fund will be managed by co-general partners Beringea and Credit Suisse. The Michigan Opportunities Fund will be managed by Glencoe Capital. Each of the general partners has offices in Michigan and a successful track record in the industry.
The general partners will be aided by members of the Business Leadership Council, a group of highly successful Michigan business leaders who will offer their experience, expertise, and support to InvestMichigan!
“I am extremely pleased that so many of Michigan’s top executives have pledged to commit their time and effort to InvestMichigan!,” Granholm said. “Their experience and networking abilities will be key assets as we move ahead.”
Members of the Business Leadership Council include:
- Jon Barfield, chairman and president, The Bartech Group
- John Brown, chairman, Stryker Corporation
- Ben Carter, executive vice president and chief operating officer, Detroit Medical Center
- Dan Gilbert, chairman, Quicken Loans, Inc.
- James Hackett, president and chief executive officer, Steelcase, Inc.
- Jim Herbert, chairman and chief executive officer, Neogen Corporation
- George Jackson, president and chief executive officer, Detroit Economic Growth Corporation
- Thomas Kinnear, Ross School of Business, University of Michigan
- Josh Linkner, founder and chief executive officer, ePrize, LLC
- Andrew Liveris, chairman and chief executive officer, Dow Chemical Co.
- Mark Murray, president, Meijer, Inc.
- Bob Naftaly, former chief operating officer, BCBS
- Roger Penske, chairman and chief executive officer, Penske Corp.
- Rich Peters, managing director, Transportation Resource Partners
- Mary Petrovich, chief executive officer, AxleTech International
- Sandra Pierce, president and chief executive officer, Charter One Bank (Michigan and Indiana)
- Rebecca Smith, East Michigan regional president, Huntington National Bank
- Ken Whipple, chairman, CMS Energy.
“Each of these business leaders brings a wealth of private-sector experience to InvestMichigan!,” said State Treasurer Robert J. Kleine, sole fiduciary of the State of Michigan Retirement Systems. “Each Business Leadership Council member also has expertise in areas that will benefit the general partners as they consider investment opportunities.”
Roger Penske, chairman and chief executive officer of the Penske Corporation, has agreed to chair the Business Leadership Council.
“I am pleased to have this opportunity to work with Governor Granholm, Treasurer Kleine, the state’s investment staff, and the general partners to grow the state’s pension portfolio in a way that can create jobs in Michigan,” Penske said. “The Business Leadership Council will be instrumental in making InvestMichigan! a model for other states.”
As of June 30, 2008, the State of Michigan Retirement Systems held total assets of more than $57 billion on behalf of public school employees, state employees, State Police, and judges. Approximately 16 percent of the current portfolio is held in the private equity area.