Four corporates – Advocate Aurora Health, Foxconn, Johnson Controls and Northwestern Mutual – joined forces yesterday to launch the $100m Wisconn Valley Venture Fund aimed at healthcare, technology, manufacturing and financial services.
Healthcare provider Advocate Aurora Health, contract electronics manufacturer Foxconn, building materials supplier Johnson Controls and insurance company Northwestern Mutual each supplied $25m.
The vehicle will invest in early-stage startups both in the US and internationally, seeking out not only investment returns but also strategic benefits for the four limited partners.
Each of the four corporates will have representation on the fund’s investment committee. The fund will operate out of Milwaukee, Wisconsin, though a fund manager is yet to be selected.
John Schlifske, chairman and CEO of Northwestern Mutual, said: “We are proud to take part in this unprecedented collaboration.
“Each of our partners brings unique expertise that we can leverage to bring new perspectives to Wisconsin. Learnings from the fund will help us enhance our ongoing efforts to transform the experience of financial security for our clients while also generating an attractive investment return for our company.”