A bipartisan proposal would give the Wisconsin Economic Development Corp. a role in overseeing a multimillion dollar investment capital fund, but would require contracting with an outside fund manager, according to a source with knowledge of the bill.
The legislation, which is slated to be introduced today, would allow for the creation of a committee that would choose a fund manager. The committee would be comprised of members of WEDC and the State of Wisconsin Investment Board, with the latter organization holding a majority of the seats on the committee. The committee would put out an RFP for a fund manager, ultimately decide upon the manager and WEDC would contract with the manager. The bill will also set out certain requirements for fund manager compensation, which WEDC’s contract would have to include.
The proposal would create a fund structure for the $25 million in investement capital that Gov. Scott Walker included in his budget. That money would also be used to leverage private capital for investment.
— By Jason Smathers
