Kegonsa Capital Partners Funds
Kegonsa Seed Fund I, LP
The Kegonsa Seed Fund I, LP (the "Seed Fund") had its final closing January 15, 2005. The Fund's committed capital is $10.725 million. Eleven of the 13 initial investments were seed venture capital investments (i.e., companies without revenues); 25 percent of the portfolio companies were created by Kegonsa Capital Partners management.
In October 2007, the Fund experienced its first liquidity event when Jellyfish.com, a Fund portfolio company, was purchased for cash by Microsoft. This exit provided a return to Limited Partners of 15 times the Fund's initial investment.
In May 2012, the Fund experienced its second liquidity event when Intelligent BioSystems, Inc, a Fund portfolio company, was purchased for cash by QIAGEN. The exit provided a return of over three times the Fund's initial investment.
The Fund's investment period ended January 15, 2010. To date, two of the 13 portfolio companies have failed and have been dissolved. Two portfolio companies have experienced an exit; one company completed a stock redemption repurchasing the Fund's stock; and eight companies are ongoing.
The Seed Fund has a Wisconsin focus—all eleven seed investments were made in companies headquartered in Wisconsin. In addition, one growth stage investment was made in a Boston company that was originally from Wisconsin.
Kegonsa Coinvest Fund
The Kegonsa Coinvest Fund (the "Coinvest Fund") is a Wisconsin-based growth stage investment fund.
From 2007 until July 1, 2012, the Fund has made 13 investments totaling $7.6 million. 12 of the investments were in growth-stage companies (i.e., companies with revenue from product sales but are not yet cash flow break even). The remaining investment was a late stage investment in which the Fund participated in an offering led by Goldman Sachs.
Of the Fund's 13 investments, ten were made as part of a syndicate. Five of the ten syndicate offerings were led by the Fund.
The Coinvest Fund continues to make investments. In 2012 the Coinvest Fund has led three offerings for Wisconsin-headquartered companies (two equity offerings and one debt offering).
To date, one Fund portfolio company has had an exit; one portfolio company has been dissolved; and the remaining companies are ongoing.
All of the Coinvest Fund portfolio companies are headquartered in Wisconsin.
Badger Fund of Funds
The Badger Fund of Funds (the "Badger FofF") is a Wisconsin-based fund that makes investments in Wisconsin based venture capital funds. The state of Wisconsin has made a $25 million dollar commitment as a Limited Partner in the Badger FofF.
The Badger FofF General Partner is a partnership of Kegonsa Capital Partners and Sun Mountain Capital (“SMK”). SMK expects that the Badger FofF’s will invest in four to eight Wisconsin based seed venture capital funds and one to four growth venture capital funds.
The Badger Fund of Funds will be headquartered in Wisconsin.