MADISON, Wis. (AP) — The board that oversees Wisconsin's pension program for public employees has rejected a request by the head of Gov. Scott Walker's semi-private economic development agency to tap $200 million from the fund to invest in risky startup businesses.
Wisconsin Economic Development Corp. head Reed Hall asked the State of Wisconsin Investment Board in November for the venture capital seed money. The board rejected the request late last year, saying that the use of pension funds to pay for economic development initiatives "does not meet our fiduciary duty."
Walker's spokesman Cullen Werwie said Monday that the governor would not be proposing in his budget that the state's pension fund be tapped to pay for venture capital. Werwie said the request from WEDC was just one potential opportunity to pay for venture capital.
Tom Thieding, spokesman for WEDC, said he didn't immediately know where things stood with coming up with another plan given the rejection from the state investment board.
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