Gov. Jennifer M. Granholm and Michigan Economic Development Corp. CEO James C. Epolito Monday announced Michigan Strategic Fund board approval of a co-investment of up to $2.5 million through the Michigan 21st Century Investment Fund to Auburn Hills-based Microposite Inc.
 
Founded in 2006, Microposite is an early-stage company that designs, develops and manufacturers advanced composite materials for applications in the construction industry. In April 2007, the governor announced Microposite would relocate its headquarters from Novi and expand into an existing building in Auburn Hills. A state tax credit helped convince Microposite to expand in Michigan instead of competing sites in Kentucky and Mississippi. The project is expected to create more than 100 new Michigan jobs, including 62 directly by the company.

The 21st Century Investment Fund is investing in Microposite along side venture capital firm Nth Power, a firm that invests in cleantech and alternative energy companies. Nth Power has received an investment from the 21st Century Investment Fund and has opened an office in Detroit. 

The 21st Century Investment Fund is a major component of Governor Granholm's 21st Century Jobs Fund, a $2-billion, 10-year initiative to diversify the state's economy and grow high-tech companies and jobs.

Commitments through the fund can only be invested in companies that have a strong Michigan presence. The program is focused on generating strong returns while creating and retaining Michigan jobs. Including this investment, the MSF has authorized up to $78.75 million of investments in venture capital, mezzanine, and private equity funds, as well as co-investments in individual companies alongside these funds through the 21st Century Investment Fund.

The $109 million 21st Century Investment Fund seeks to strengthen and diversify Michigan's economic base by fostering the creation and growth of new jobs, new businesses, and new industries within the state through investments in private equity, venture capital mezzanine funds and co-investments in individual companies alongside these funds. The Michigan Strategic Fund contracts with Credit Suisse to develop and administer investment programs under the Michigan 21st Century Investment Fund. More information is available at www.michigan21stcenturyinvestmentfund.com.