Strategy
Badger Fund® of Funds Objectives
- Investment Focus
- Be the first $500,000 investment in a new Wisconsin startup.
- Geographic Diversity
- Establish venture capital funds throughout the state of Wisconsin.
- Human Capital
- Develop the next generation of Wisconsin venture capital managers.
Investment segments
| Badger Fund of Funds Investment Segments | Capital allocation | |||
|---|---|---|---|---|
| Description | Governance | At inception | As of 1/1/27 | |
| Next Generation First Time Funds | First Time Funds are managed by BFOF Build a Bench and Emerging Fund Manager Program Participants | Investment committee member | 100% | 30% |
| Next Generation Follow-on Funds | Follow-on Funds are managed by BFOF Build a Bench and Emerging Fund Manager Program Participants | Advisory member on request | 0% | 50% |
| Existing Wisconsin Funds | Funds managed by managers who did not participate in BFOF Programs | None, passive investor | 0% | 20% |
The Badger Fund of Funds only invests in venture capital funds headquartered in Wisconsin, and State of Wisconsin capital is matched by capital from other sources as required by Section 16.295, Wisconsin Statutes.
Investment Process
Key Criterion: The expected investor return of an investment in all investment segments is determined by a proprietary Badger Fund of Funds process. The due diligence data is typically collected by a third party.
Review: An investment in a Next Generation First Time Fund is reviewed by the Badger Fund Partners Board of Directors. An investment in a Next Generation Follow-on Fund or an Existing Wisconsin Fund segment is reviewed by the Badger Fund Partners Advisory Committee. The review provides an investment recommendation to the Badger Fund of Funds General Partner, together with any identified investment concerns.
