Western Michigan University-linked investment firm Sleeping Giant Capital has raised $21m for the first close of its fund which has a $50m target.
Sleeping Giant Capital, a US-based venture firm allied to Western Michigan University (WMU)’s Haworth College of Business, has raised $21m for the first close of its fund.
The fund was launched in August last year and has a $50m target. It will look to conduct buyouts of small businesses throughout west Michigan, targeting companies with $3m to $30m in revenue, and install new leadership.
The fund is managed by Derrick McIver and Doug Lepisto, the co-directors of the Center for Principled Leadership and Business Strategy at the Haworth College of Business. A portion of the profits from acquired companies will be invested to maintain and expand the centre.
It will look to acquire at least two companies per year. It will select leaders through the aforementioned centre’s training programme, Acquire, which is open to both MBA students and experienced professionals.
McIver said: “Whether it is sellers, investors, alumni, business executives or community partners, we have been amazed by the enthusiasm for the innovative and purpose-driven approach of this fund.
“Investors today require both attractive returns and true social impact. We see these two elements of our approach as mutually reinforcing. This first close demonstrates investor confidence in our vision and ability to execute.”
