Capital Midwest Fund in Mequon, which is operated by father and son Stephen and Daniel Einhorn, is looking to raise $150 million for the firm's fourth venture capital fund, and has recruited an investment industry veteran to manage deals from that fund.
Michael Harper, the former chairman of the Milwaukee County Employees Retirement System pension board, has joined the firm as a partner, CMF announced this week. Harper spent 13 years as operator and partner of Urban Clean Energy Ventures in Milwaukee. While with Milwaukee County, he served on the investment committee and was audit committee chairman.
Capital Midwest Fund targets its investments in Midwest startups focused on advanced manufacturing, technology platforms for business-to-business use, and health care tech. The fourth fund will be a continuation of the firm's existing investment strategy.
"Capital Midwest Fund is a growing firm with a strong portfolio," Harper said in a statement. "My professional training and experience in the areas of financial services, environmental, social, and governance and risk management, as well as sustainable development projects, align with the firm's growth strategy."
Daniel Einhorn said Harper "brings a wealth of due diligence, investment and management knowledge" to the firm.
"This additional depth is important for the success of CMF IV," he said.
CMF's portfolio includes ThirdPartyTrust, a Chicago company that developed a vendor risk assessment and management software; Lumanu, a company with offices in Milwaukee that developed technology for the social media influencer marketing industry; and SteamChain Inc., a Milwaukee company that offers cloud-based machine data for manufacturing and industrial companies.
