Budget panel to approve venture capital manager

The Wisconsin State Capitol is seen, Oct. 1, 2013.
The Wisconsin State Capitol is seen, Oct. 1, 2013.

MADISON (AP) – The Legislature’s budget committee is slated to vote on approving Sun Mountain Kegonsa as the manager of the new state-sponsored venture capital fund.

The Joint Finance Committee scheduled a Tuesday vote on the recommendation from Gov. Scott Walker’s Department of Administration.

Sun Mountain Kegonsa is a partnership formed by Sun Mountain Capital of Santa Fe, New Mexico, and Kegonsa Capital Partners of Fitchburg, Wisconsin. Sun Mountain Capital has Wisconsin ties, as its led by Brian Birk, a former state resident.

The state will contribute $25 million toward the fund that will be available to help startup business and capital investment projects. Sun Mountain Kegonsa is required to come up with at least $5 million for the fund.

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