Fund founder Jim O’Reilly says it was “fairly impossible” to raise money. For O’Reilly, explaining Upwind to potential investors proved to be a challenge in itself. For one thing, O’Reilly insisted Upwind was not a “fund” but rather a “new model” for developing startups.

Steve Burrill may have trouble keeping quiet about the proposed $1 billion fund to back the Elk Run BioBusiness Park, but at least one Burrill-related fund in Minnesota has largely remained silent on its plans. Coordinate Capital LLC has been trying to raise a $25 million local fund to invest in biomass, energy and life science startups. Ten months later, CEO and managing partner Andrew Pulkrabek has stuck to its guns — by not saying anything. Which is not necessarily a bad thing.

If patience is a virtue, then Minnesota venture capitalists have become downright saintly.Faced with a weak economy that has stifled initial public offerings and mergers and acquisitions, local investors are still looking for exits well after the funds have closed. Throw in tougher regulatory scrutiny for medical devices and drugs and an exit can suddenly [...]

Another day, another new local early stage fund.Upwind Medical Partners is launching a $6 million to $8 million early stage fund that will focus on commercializing intellectual property from health care/research institutions like the University of Minnesota, Wisconsin Alumni Research Fund (WARF), Allina Hospitals & Clinics, and John Hopkins Hospital in Baltimore.Founded by Jim O’Reilly, [...]

Affinity’s fund is not tied to a specific incubator, which means the firm will cast a larger net for start-ups. Given its history of investing exclusively in late stage companies, Affinity’s move could provide Minnesota’s early stage entrepreneurs a real shot in the arm.

Burrill is having trouble finding local money for the $500 million of the Elk Run fund that will purchase direct equity stakes in start-ups housed at the planned Elk Run Biosciences Center. So it’s no surprise that Coordinate is trying to appeal to the state’s sense of economic pride.