Pittsburgh Angel Fund Launches

Innovation Works, the Pittsburgh Life Sciences Greenhouse, Carnegie Mellon University, the University of Pittsburgh and the Pennsylvania Department of Community & Economic Development released today a request for proposals seeking a professional manager for the Pittsburgh Angel Fund. These organizations have committed a combined total of $2 million to create the Pittsburgh Angel Fund and to attract a qualified fund manager.

The fund is expected to pool at least several million dollars in additional investment from individual investors to be deployed in high- potential, early-stage technology companies including those being created in the region. Though a number of nonprofit organizations are providing seed capital and support to the Pittsburgh Angel Fund, the fund itself will be an independent, for-profit entity with the goal of delivering a strong financial return to its limited partners, the majority of which will be individual angel investors.

Proposals are being sought from potential fund managers, including individuals and firms with a strong track record in evaluating, financing and assisting early-stage technology companies. In addition, applicants will be evaluated partly on their ability to raise additional investments to increase the size of the angel fund. The sponsoring organizations have issued a request for proposals ("RFP") outlining the information that must be addressed by potential fund managers, as well as the selection process. To receive a copy of the RFP, interested applicants should contact Matt Harbaugh, Chief Investment Officer of Innovation Works at 412-894-9507 or via email at mharbaugh@innovationworks.org. Proposals from potential fund managers must be submitted by Friday, October 27, 2006.

From this press release

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