The Joint Finance Committee announced today it approved the contract with Sun Mountain Kegonsa to provide fund manager services to the state.

The JFC also authorized the release of $25 million for the venture capital investment. The fund is used to help startup businesses and capital investment projects.

“New business ventures are the driving force of job creation, and this program will ultimately help increase the number of private sector jobs by investing in start-up companies,” Gov. Scott Walker said in a statement. “The funds will go to Wisconsin-based businesses, and there are a number of measures in place to ensure accountability and transparency for the hard-working taxpayers.”

In January, the Wisconsin Department of Administration selected Sun Mountain Kegonsa to manage the state’s new venture capital fund, which was signed into law July 2013.