The Legislature's Joint Finance Committee approved the contract as recommended by Gov. Scott Walker's Department of Administration on Tuesday.
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 an additional $5 million for the fund.
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 it's led by Brian Birk, a former state resident.