Mercury Fund climbed to No. 2 on the list, up from No. 3 in 2023, though it remained consistent with $750 million in AUM. Beringea, a Farmington Hills-based firm, saw a 17% decrease in its AUM, from $850 million in 2023 to $705 million in 2024.
Of the Ann Arbor firms, many focus on health care and technology, like Arboretum Ventures, the largest firm on the list. It’s managed by Managing Partners Jan Garfinkle, Tom Shehab and Dan Kidle with six funds and nine Michigan investment professionals on its team.
Venture Investors Health Fund, also headquartered in Ann Arbor with a focus on health care investing, climbed to No. 5 on the list from last year’s No. 9 — and saw an increase of 81.6% in AUM. The fund saw a huge return on investment this year after one of its earliest investments, HistoSonics, Inc., had a $2.25 billion exit in Q3.
The highest-ranked Detroit firm lands at No. 7 on the 2024 list, with Dan Gilbert’s Detroit Venture Partners, which is overseen by Partners Jared Stasik and Jake Cohen. It has $300 million in AUM. It, like several other Detroit-based firms, focuses on industrial and mobility investments.
Other Detroit firms include Fontinalis Partners at No. 8, with $275 million AUM, which invests in mobility, industrial, and energy tech; Ludlow Ventures at No. 9 with $250 million AUM, which invests in business services, consumer products, media and mobility; and ID Ventures at No. 20 with $50 million in AUM, which invests in enterprise SaaS, AI, life sciences and mobility.
ID Ventures is up to No. 20 from No. 28 on the 2023 list. It recently received $10.6 million disbursement from the Michigan Innovation Fund, which attempts to establish evergreen investment funds across Michigan.
Across the state, Grand Rapids firms took up three of the top 25 slots and Charlevoix, Farmington Hills, Bingham Farms, East Lansing and Kalamazoo each had one. The Grand Rapids firms include Michigan Capital Network.
