Lawmakers approve venture capital fund manager

      The dome of the Wisconsin State Capitol (file photo).
      The dome of the Wisconsin State Capitol (file photo).
      MADISON, Wis. (AP) - Sun Mountain Kegonsa has been approved by Wisconsin state lawmakers to manage the new $25 million state-sponsored venture capital fund.

      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.