South Dakota Equity Partners Holds First Closing of Fund
13 Aug 2018
PIERRE, S.D. – Early and growth stage companies in South Dakota now have access to additional equity capital as South Dakota Equity Partners (SDEP), a public-private partnership supported by the Governor’s Office of Economic Development (GOED), has raised $16.9 million according to Gov. Dennis Daugaard.
“SDEP had its initial closing at the end of June, which means it is ready to start investing in a variety of projects, primarily in research commercialization and knowledge-based companies,” the Governor said. “SDEP’s long-term goal is to diversify the portfolio across industries and with companies needing equity capital to facilitate their growth capacity as they move through their business life cycle stages.”
Gov. Daugaard added that the need for such a fund was first discussed nearly seven years ago. “At that time, we made a commitment to find a way to address the limited equity capital available for these types of companies in South Dakota. This fund will go a long way toward filling that financing gap. This is just one more tool in our economic development toolbox,” he said. He explained that the process took several years because the group needed to make sure the right mix of experienced investment professionals was involved.