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Michigan Accelerator Fund closes opportunity fund, oversubscribed

June 3, 2017 - Michigan Venture Capital Association

Charter Capital Partners announced the closing of the MAF Opportunity Fund. The $5 million fund was over-subscribed with investment commitments coming from institutional, family office, and individual investors. The Fund was organized to invest in elite companies from its predecessor fund, Michigan Accelerator Fund I.

John Kerschen and Dale Grogan serve as managing directors of the Michigan Accelerator Fund I and the MAF Opportunity Fund. The management team is rounded out by Brian Hamilton, Senior Venture Capital Associate.

“Over the past five years, we believe that we have built a strong portfolio within the Michigan Accelerator Fund, with several companies demonstrating excellent progress towards value accretion and a near-term exit,” said Kerschen. “As our portfolio companies mature, they have continued capital needs. Like many smaller, early-stage venture funds, we were nearly fully deployed and had limited ability to continue investing in the portfolio; hence the development of the MAF Opportunity Fund.”

“The fact that the Fund was oversubscribed in seven weeks indicates that investors support our vision and the investment thesis of early-stage investing in Michigan-based companies,” said Grogan. “We have seen tremendous investment opportunities over the past five years and fully expect that this trend will continue as realizations occur. Hopefully success will beget success and we will have the opportunity to raise another fund in the coming years.” more