A Wisconsin coalition has recommended creation of a state-leveraged venture capital fund to encourage business development and creation of new jobs.

The report from the Wisconsin Growth Capital Coalition was released Thursday at the Resource Rendezvous conference in Wauwatosa, which attracted startup companies and investors.

The report recommends creation of a master fund-of-funds that would invest in 14 to 20 venture capital funds over time.

The $350 million, state-leveraged, privately managed fund-of-funds would spur private co-investment, the coalition said. These recipient funds would raise an additional $350 million to $1.05 billion and commit to offices, staff and investments in Wisconsin.

This state-leveraged fund could be backed by taxpayer guarantees and tax credits, which could eliminate the state's need to incur direct debt, the report said. The fund would pay back the state's investment over time.

The 58-member coalition was reactivated through the Wisconsin Technology Council and its Wisconsin Angel Network to provide nonpartisan advice on proposed venture capital legislation. The report does not endorse any specific bill.

The Legislature is expected to consider venture capital legislation during its fall floor period.

The 36-page report is available at go.madison.com/venture.

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