Venture capital in Minnesota
12 venture firms are based in Minnesota, from SEC filings and the fund index. Below them are Minnesota’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Minnesota ranks for startup raises and new funds: its Venture Ecosystem Index page.
On this page: 12 venture firms 1 new fund 104 other sources of capital 32 LPs 1 family office.
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Venture firms based in Minnesota
1 firm in the Venture Capital Fund Index, by latest fund, then 11 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Firm | Headquarters | Latest fund | Fund size | AUM |
|---|---|---|---|---|---|
| 1 | TinySeed | Minneapolis | TinySeed Fund 3 (3A + 3B) | $16M | $59M |
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Arthur VenturesArthur Ventures Management 2, LLC | Minneapolis | 15 | $2.6B | 2023 |
| 2 | Vensana Capital Management, LLC | Edina | 3 | $984M | 2019 |
| 3 | Rally Ventures Management, LLC | Minneapolis | 18 | $712M | 2013 |
| 4 | Winslow Capital Management LLC | Minneapolis | 3 | $519M | 1992 |
| 5 | North Sky Capital, LLC | Wayzata | 7 | $1.1B | 2005 |
| 6 | Rice Park CapitalRice Park Capital Management LP | Plymouth | 2 | $1.6B | 2022 |
| 7 | Deepwater Asset Management, LLC | Minneapolis | 8 | $314M | 2022 |
| 8 | Split Rock Partners, LLC Emerging | Eden Prairie | 4 | $87M | 2012 |
| 9 | Great North Ventures EmergingGreat North Capital Management, LP | Maple Grove | 6 | $76M | 2026 |
| 10 | Mairs & Power EmergingMairs and Power Inc | St. Paul | 2 | $59M | 1961 |
| 11 | Imperative Management LLC Emerging | Stillwater | 2 | $30M | 2019 |
New funds raising from Minnesota
1 venture funds managed from Minnesota started raising in 2025 or later and filed a Form D since October 2025: managers with new money to invest. Amounts are as each fund’s latest Form D reports them, newest filing first.
| Fund | Manager | Started | Raised so far | Target | Latest filing |
|---|---|---|---|---|---|
| Great North Capital Fund III, LP | Great North Ventures | 2026 | — | $40M | June 22, 2026 |
Other sources of capital in Minnesota
29 community development lenders, 19 SBICs, 17 union pension plans, 17 SBA lenders, 10 corporate pension plans, 9 pension master trusts, 2 placement agents, and 1 angel group. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Gopher Angels | MN | Minnesota angel investment network whose accredited members collaborate to fund scalable, high-growth companies in the Midwest and across the US. |
| Northland Securities, Inc. | Minneapolis | 3 venture funds, 2017–2021 |
| Piper Sandler & Co. | Minneapolis | 2 venture funds since 2021 |
| 3M Employee Retirement Income Plan | St. Paul | In partnerships and joint ventures: $2.2B |
| Ameriprise Financial Retirement Plan | Minneapolis | In partnerships and joint ventures: $45M |
| Ecolab Pension Plan | St. Paul | In partnerships and joint ventures: $284M |
| Mayo Pension Plan | Rochester | In partnerships and joint ventures: $6.9B |
| Securian Financial Group, Inc. Retirement Plan | St Paul | In partnerships and joint ventures: $130M |
| Target Corporation Pension Plan | Brooklyn Park | In partnerships and joint ventures: $329M |
| The Employee Retirement Plan of Group Health Plan, | Minneapolis | In partnerships and joint ventures: $64M |
| Thomson Reuters Group Pension Plan | Eagan | In partnerships and joint ventures: $40M |
| Thrivent Individual Pension Account Plan | Minneapolis | In partnerships and joint ventures: $167M |
| Wells Fargo & Company Cash Balance Plan | Minneapolis | In partnerships and joint ventures: $324M |
| Bayview Capital Partners III LP | Minnetonka | Private Equity · Buyout |
| Bayview Capital Partners IV LP | Minnetonka | Private Equity · Buyout |
| BRC Fund IV, LP | Minnetonka | Private Equity · Buyout |
| Convergent Capital Partners IV, LP | Minneapolis | Private Credit · Mezzanine |
| Convergent Capital Partners V, L.P. | Eden Prairie | Private Credit · Mezzanine |
| GMB Mezzanine Capital II, L.P. | Minneapolis | Hybrid · Mezzanine |
| GMB Mezzanine Capital III, L.P. | Minneapolis | Private Credit · Mezzanine |
| GMB Mezzanine Capital IV, L.P. | Minneapolis | Private Credit · Mezzanine |
| GMB Mezzanine Capital V, L.P. | Minneapolis | Private Credit · Mezzanine |
| Lake Country Capital SBIC LP | Edina | Private Equity · Mezzanine |
| Lightspring Capital I, LP | St. Louis Park | Hybrid · Hybrid Debt/Equity |
| Lightspring Capital II, LP | Minneapolis | Hybrid · Hybrid Debt/Equity |
| Marquette Capital Fund II, LP | Golden Valley | Hybrid · Hybrid Debt/Equity |
| Medallion Capital, Inc. | Excelsior | Private Credit · Mezzanine |
| NorthCoast Mezzanine SBIC III LP | Minneapolis | Private Credit · Mezzanine |
| NorthCoast Mezzanine SBIC IV, LP | Minneapolis | Private Credit · Mezzanine |
| Northstar Mezzanine Partners SBIC II, LP | Minneapolis | Private Equity · Mezzanine |
| Northstar Mezzanine Partners SBIC, LP | Minneapolis | Private Equity · Mezzanine |
| Spell Capital Mezzanine Partners SBIC II, L.P. | Minneapolis | Private Credit · Mezzanine |
| Central Iowa Carpenters Pension Plan | Bloomington | In partnerships and joint ventures: $27M |
| District Council 82 Painting Industry Pension Plan | Bloomington | In partnerships and joint ventures: $36M |
| Electrical Workers Local No. 292 Pension Plan | Brooklyn Park | In partnerships and joint ventures: $76M |
| Minneapolis Retail Meat Cutters and Food Handlers Pension Fund | Bloomington | In partnerships and joint ventures: $160M |
| Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund | Mendota Heights | In partnerships and joint ventures: $52M |
| Minnesota Laborers Pension Fund | Mendota Heights | In partnerships and joint ventures: $902M |
| Minnesota Teamsters Construction Division Pension Fund | Mendota Heights | In partnerships and joint ventures: $90M |
| National Roofing Industry Pension Fund | Bloomington | In partnerships and joint ventures: $236M |
| Pipe Trades Services MN Pension Fund | White Bear Lake | In partnerships and joint ventures: $163M |
| Sheet Metal Workers' Local 10 Pension Fund | Maplewood | In partnerships and joint ventures: $31M |
| St. Paul Electrical Construction Pension Plan | St. Paul | In partnerships and joint ventures: $41M |
| Teamsters National Pipe Line Pension Plan | Mendota Heights | In partnerships and joint ventures: $43M |
| Teamsters Retirement Pension Plan | Bloomington | In partnerships and joint ventures: $118M |
| Twin City Carpenters and Joiners Pension Fund | Bloomington | In partnerships and joint ventures: $203M |
| Twin City Hospital Workers Pension Plan | Bloomington | In partnerships and joint ventures: $63M |
| Twin City Hospitals - Minnesota Nurses Association Pension Plan | Bloomington | In partnerships and joint ventures: $636M |
| Twin City Ironworkers Pension Plan | Bloomington | In partnerships and joint ventures: $80M |
| Cargill, Incorporated & Associated Companies Master Pension Trust | Minneapolis | In partnerships and joint ventures: $398M |
| General Mills Group Trust - Pooled Real Asset Fund | Minneapolis | In partnerships and joint ventures: $441M |
| General Mills Group Trust -- Pooled Private Equity Fund | Minneapolis | In partnerships and joint ventures: $521M |
| Land O Lakes Inc. Retirement Master Investment Trust | Arden Hills | In partnerships and joint ventures: $56M |
| Medtronic Retirement Plan Master Trust | Minneapolis | In partnerships and joint ventures: $1.3B |
| Supervalu Master Investment Trust | Minneapolis | In partnerships and joint ventures: $65M |
| U.S. Bank Defined Benefit Pension Plan Master Trust | Minneapolis | In partnerships and joint ventures: $1.6B |
| Voluntary Employees' Beneficiary Association Trust for the General Mills Retiree Health Plan for Union Employees | Minneapolis | In partnerships and joint ventures: $45M |
| Xcel Energy Inc. Master Pension Trust | Minneapolis | In partnerships and joint ventures: $678M |
| African Development Center | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| African Economic Development Solutions | St Paul | Community development loan fund in St Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Community Neighborhood Housing Services | St Paul | Community development loan fund in St Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Community Reinvestment Fund, Inc | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| First Children's Finance | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| Greater Minnesota Housing Fund | St. Paul | Community development loan fund in St. Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Habitat for Humanity of Minnesota, Inc. | St. Paul | Community development loan fund in St. Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Hmong American Partnership ECDC | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Indian Land Capital Company LLC | Little Canada | Native community development loan fund in Little Canada, MN, certified by the US Treasury’s CDFI Fund. |
| INITIATIVE FOUNDATION IMPACT FUND | Little Falls | Community development loan fund in Little Falls, MN, certified by the US Treasury’s CDFI Fund. |
| Latino Economic Development Center | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Metropolitan Consortium of Community Developers | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| Metropolitan Economic Development Association | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| Midwest Minnesota Community Development Corporation | Detroit Lakes | Community development loan fund in Detroit Lakes, MN, certified by the US Treasury’s CDFI Fund. |
| Mni Sota Fund | Minneapolis | Native community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| NeDA Centro de Finanzas LLC | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| NEIGHBORHOOD DEVELOPMENT CENTER | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Neighborhood Housing Services of Duluth, Inc. | Duluth | Community development loan fund in Duluth, MN, certified by the US Treasury’s CDFI Fund. |
| NEON BUSINESS FINANCE | Minneapolis, MN 55411 | Community development loan fund in Minneapolis, MN 55411, MN, certified by the US Treasury’s CDFI Fund. |
| Northeast Entrepreneur Fund, Inc. | Duluth | Community development loan fund in Duluth, MN, certified by the US Treasury’s CDFI Fund. |
| Northland Foundation | Duluth | Community development loan fund in Duluth, MN, certified by the US Treasury’s CDFI Fund. |
| Northwest Minnesota Community Impact Corporation | Bemidji | Community development loan fund in Bemidji, MN, certified by the US Treasury’s CDFI Fund. |
| Propel Nonprofits | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| Shared Capital Cooperative | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| Sunrise Banks, N.A. | St Paul | Community development bank or thrift in St Paul, MN, certified by the US Treasury’s CDFI Fund. |
| TCHFH Lending, Inc. | St. Paul | Community development loan fund in St. Paul, MN, certified by the US Treasury’s CDFI Fund. |
| The Sunlight Loan Fund, LLC | Minneapolis | Community development loan fund in Minneapolis, MN, certified by the US Treasury’s CDFI Fund. |
| White Earth Investment Initiative | Ogema | Native community development loan fund in Ogema, MN, certified by the US Treasury’s CDFI Fund. |
| Womenventure | Saint Paul | Community development loan fund in Saint Paul, MN, certified by the US Treasury’s CDFI Fund. |
| 21st Century Bank | Loretto | 7(a) loans approved, fiscal year 2026: $7.6M |
| Alliance Bank | Lake City | 7(a) loans approved, fiscal year 2026: $5.9M |
| BankCherokee | Saint Paul | 7(a) loans approved, fiscal year 2026: $5.7M |
| BankVista | Sartell | 7(a) loans approved, fiscal year 2026: $36M |
| Bridgewater Bank | Saint Louis Park | 7(a) loans approved, fiscal year 2026: $16M |
| CRF Small Business Loan Company, LLC | Minneapolis | 7(a) loans approved, fiscal year 2026: $27M |
| Falcon National Bank | Foley | 7(a) loans approved, fiscal year 2026: $33M |
| First Resource Bank | Lino Lakes | 7(a) loans approved, fiscal year 2026: $27M |
| Frandsen Bank and Trust | Arden Hills | 7(a) loans approved, fiscal year 2026: $26M |
| Magnifi Financial CU | Melrose | 7(a) loans approved, fiscal year 2026: $34M |
| Minnwest Bank | Redwood Falls | 7(a) loans approved, fiscal year 2026: $10M |
| Platinum Bank | Oakdale | 7(a) loans approved, fiscal year 2026: $21M |
| Scale Bank | Edina | 7(a) loans approved, fiscal year 2026: $7.5M |
| Stearns Bank National Association | Saint Cloud | 7(a) loans approved, fiscal year 2026: $31M |
| Sunrise Banks National Association | Saint Paul | 7(a) loans approved, fiscal year 2026: $20M |
| The Bank of Elk River | Elk River | 7(a) loans approved, fiscal year 2026: $6.6M |
| United Prairie Bank | Mountain Lake | 7(a) loans approved, fiscal year 2026: $4.9M |
LPs based in Minnesota
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
Family offices in Minnesota
Family offices registered with the SEC as investment advisers, from the Family Office Index. Most family offices are exempt from registering and aren’t on this list.
| Family office | City | Regulatory assets |
|---|---|---|
| Petros Family Wealth, LLC | Bloomington | $342M |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.