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About Michigan 21st Century Investment Fund, L.P.

The Michigan 21st Century Investment Fund, L.P. (the "21st Century Fund" or "Program") was created, as per the provisions of the Public Act 225 of 2005 (or the "21st Century Fund Act"), through an agreement between Credit Suisse and the Michigan Strategic Fund. It 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 and mezzanine funds, as well as potential co-investments alongside these funds. The Program was capitalized with $120.0 million of total commitments, including $6.0 million from Credit Suisse.

In January 2014, Grosvenor Capital Management, L.P. and its affiliates (together, "GCM Grosvenor") completed their acquisition of the Customized Fund Investment Group from Credit Suisse Group AG ("Credit Suisse"). GCM Customized Fund Investment Group, L.P. ("GCM Grosvenor Private Markets") operates as GCM Grosvenor's private markets business.

The Michigan 21st Century Investment Fund, L.P. is part of the overall 21st Century Jobs Fund initiative that was first announced in November 2005. Under this 10-year initiative, the State government decided to allocate up to $1.0 billion of proceeds from Tobacco Settlement monies to strengthen and diversify Michigan's economic base by focusing resources in three areas. Up to 40% ($400 million) of the amount allocated to the 21st Century Jobs Fund may be invested through the Capital Investment Program over the life of the 10-year initiative of which the Michigan 21st Century Investment Fund, L.P. is a part. The three components of the 21st Century Jobs Fund include:

  1. A Capital Investment Program that seeks to make investments in qualified private equity, mezzanine and venture capital funds as well as potential co-investments alongside these funds
  2. A Competitive-Edge Commercialization Program that seeks to invest in the commercialization of products, processes and services as well as basic and applied research
  3. A Commercial Lending Program, which seeks to stimulate additional lending by financial institutions across the state by creating commercial loan enhancement programs

MISSION STATEMENT – MICHIGAN 21ST CENTURY

The Michigan 21st Century Investment Fund, L.P. ("21st Century Fund" or the "Program") focuses on identifying and investing in a diversified, high-quality portfolio of Michigan 21st Century capital, private equity and mezzanine funds that target investments in companies that are located in Michigan or have substantial operations within the State of Michigan. In addition, the Program may opportunistically co-invest alongside select fund managers. The Program seeks to foster the creation and growth of Michigan companies, help diversify Michigan's economy, facilitate the retention and creation of jobs in Michigan, and help encourage the growth of Michigan 21st Century capital, private equity and mezzanine investing in Michigan

MISSION STATEMENT – 21st Century Fund Website

  1. Provide key information regarding 21st Century Fund
  2. Foster interaction between entrepreneurs and venture capital, private equity and mezzanine firms in which 21st Century Fund has invested
  3. Provide a platform for deal flow generation