California investors are seeing that Michigan is no longer a no man's land when it comes to having fundable companies.
Excerpt:
"Investors attracted to deals on the coasts for years overlooked Michigan as a flyover state, but those perceptions seem to be slowly changing as more outside money sets its sights on in-state companies.
Just ask Ned Tomasevic, principal of Los Angeles-based private investment firm Toma Capital Management LLC...
Toma created its fund in November 2012 with a group of 20 former CEOs and has yet to do its first deal. The firm wants to close a deal or two by the end of this year, Tomasevic said.
Tomasevic now has a two-year mandate to spend the money raised, an amount he declined to disclose other than to say it was eight figures. He said the amount could be much more because many of his investors might be willing to write a big check to buy the right company.
"I'm trying to find an owner who gets this model," Tomasevic said. "I like to be in a place with good pool of people to work with, and Michigan offers that for me."
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