A cover letter is required for consideration for this position and should be attached as the first page of your resume. The cover letter should address your specific interest in the position and outline skills and experience that directly relate to this position. Please also provide the names and contact information for at least three professional references.
The Fund Manager heads the Michigan Biomedical Venture Fund (MBVF) Investment Team (currently consisting of the Fund Manager and an Analyst) which is responsible for sourcing, conducting due diligence, and making investment decisions. The Fund Manager works in collaboration with partner units across the University of Michigan to identify potential start-up companies with U-M IP to bring to the external Investment Advisory Board (IAB) for their recommendations and feedback. The Fund Manager is also responsible for the ongoing management of the portfolio of investments, providing guidance and connections to the portfolio company leadership teams.
MBVF provides necessary early-stage capital to nascent U-M biomedical start-up companies with underlying technologies from the University of Michigan to make them more successful at commercialization thereby increasing the impact of U-M innovations. By making prudent investments, the fund aims to obtain a return on investments to ensure sustainability and achieve an evergreen state.
The fund is a strategic opportunity to drive U-M’s leadership position in biomedical research and technology innovation by filling an essential gap in the U-M biomedical innovation life cycle. The fund is part of the innovation ecosystem needed to attract world-class research talent to U-M and the broader Ann Arbor entrepreneurial ecosystem, thereby securing U-M’s position as a leader in the Biomedical, Life Science, and Engineering research fields.
Why Work at Michigan?
Being part of something greater, of serving a larger mission of discovery and care — that’s the heart of what drives people to work at Michigan. In some way, great or small, every person here helps to advance this world-class institution. It’s adding a purpose to your profession. Work at Michigan and become a victor for the greater good.
In addition to a career filled with purpose and opportunity, the University of Michigan offers a
- Generous time off
- A retirement plan that provides two-for-one matching contributions with immediate vesting
- Many choices for comprehensive health insurance
- Life insurance
- Long-term disability coverage
- Flexible spending accounts for healthcare and dependent care expenses
Operate, manage and administer the MBVF program
- Lead, manage and supervise the fund investment team that consists of a full-time Analyst and interns or temporary employees, and subcontracted vendors.
- Lead and manage due diligence activities: determine eligibility for funding, research and interviews with Key Opinion Leaders, and formulate an investment thesis.
- Manage investment process and communications with the Investment Advisory Board as well as the management teams of the companies.
Manage the MBVF portfolio
- Monitor and track portfolio progress and metrics such: milestones, financials, follow-on fundraising, employment, etc.
- Add value to portfolio companies by assisting management in hiring, strategic advice, customer discovery, and research, as needed.
- Help market portfolio companies and assist in syndication of additional rounds of capital.
- Sit on portfolio company Boards as a voting member or take an observer role.
Manage Overall MBVF Program Finances And Reporting Requirements
- Prepare annual fund reports, quarterly presentations to the IAB, and other reporting requirements to the COI committee, Finance Operations, Treasury, Office of General Counsel.
- Primary liaison to Chief Investment Officer and team.
- Tracking and reporting of investments such as valuations.
Coordinate and work with internal U-M departments and programs
- Work with OTT’s Venture Center and key translational programs such as Coulter, I-Corps, and MTRAC for Life Sciences to identify companies and projects suitable for MBVF investment consideration.
- Leverage existing programs and infrastructure within the Medical School, College of Engineering, and other units that provide innovation and entrepreneurial support.
- In collaboration with the Deans and Unit Department Chairs, sustain high visibility and support for the MBVF and in the broader local business environment to ensure focus and sustainability.
Manage, cultivate and coordinate external relationships
- Manage the funds various boards: Investment Advisory Board (IAB), Strategic Advisory Boards (SAB).
- Lead and manage all communications (LinkedIn page, newsletter), outreach materials, meetings for fund-related activities.
- Serve as primary contact with external investment and economic development groups.
- Work in close collaboration with University Development on donor communications and fundraising activities. Cultivate strong relationships with existing donors and other external stakeholders.
- Network with potential partners on the local, regional, and national levels either directly or in partnership with U-M groups such as CFE, FFMI, OTT, and Business Engagement Center. Become an integral part of the broader SE Michigan entrepreneurial ecosystem, especially the early-stage investment community. It is expected that MBVF will syndicate deals with other local investors as well as bring new investors into the community.
- Build a strong network with local entrepreneurs and executives, and help recruit management talent for portfolio companies.
- Build relationships with larger regional and coastal investors that can act as follow-on investors for the MBVF portfolio.
- Advanced degree (MBA, PhD, MD or JD)
- 5+ years of experience in one of the following:
- Operational experience in a life science startup commercializing research based technology
- Venture capital, corporate venture capital, or other investment background that has worked with advanced medical technology
- Corporate development or M&A working with emerging life science companies
- Working knowledge of current strategies, requirements, and implementation practices for new business formation and entrepreneurial development in life sciences-related markets
- Excellent project management and product management skills with a strong comfort level for multi-tasking
- Enthusiastic and self-motivated professional with strong communication and negotiating skills
- Strong interpersonal skills including the ability to successfully interact with a variety of internal stakeholders: students, faculty, scientists, clinicians, university administration, and development.
- Ability to interact and communicate with external stakeholders such as current and potential donors, other syndicate partners, industry representatives, angel investors, and patent attorneys
- Ability to work both independently and in a team environment
- Maturity, poise, and good judgment in difficult situations
- Commitment to the role for 3-5 years
- Business experience in negotiations, term sheets, contracts, and new technology commercialization
- A network of industry and investor contacts in life sciences
The College of Engineering seeks to recruit and retain a diverse workforce as a reflection of our commitments to serve the diverse people of Michigan, fulfill the College’s Guiding Principles, and sustain the excellence of the College of Engineering.
If interested, please apply here.