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Board votes no to using public pension money for venture capital fund

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Cash money
Cash money

MADISON, WI (WTAQ) - Wisconsin’s public employees will not invest their pension funds in new high-tech businesses to help them get rolling.

The State Investment Board said no today to a request for $200-million from the Wisconsin Economic Development Corporation.

Governor Scott Walker created the WEDC to help businesses grow and create jobs.

Walker is also trying to find ways to provide venture capital to start-up businesses in the Badger State. But the Investment Board said Monday that the use of employee pension money for economic development quote, “does not meet our fiduciary duty.”

Corporation director Reed Hall made the request late last year, when he was the agency’s interim director. He was since named the permanent director.

The state pension fund provides retirement money for state-and-local government and public school employees except in those in the city-and-county of Milwaukee, which have their own pension plans.

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