Governor Jennifer Granholm says the state is launching a program aimed at attracting, retaining and developing small to medium-sized businesses in Michigan.
The Invest Michigan program is financed with $300 million of the state's $58 billion in pension investments.
Of the $300 million, investments of $2 million and $7 million will go to venture capital and expanding companies. The other $150 million will go toward making 10 separate investments of between $10 million and $40 million in companies that are potential acquisition or buyout targets.
Granholm made the announcement at a news conference in Detroit on Thursday.