The BELLE Michigan Fund

United States of America

Last updated 11 May 2020, by Impactyield.

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The BELLE Michigan Fund is an impact investing fund created to generate returns for our 29 Limited Partners, all but one of whom are women. BELLE was formed to serve the early stage capital needs of the underserved market of women led/women owned companies by offering them a new source of capital and value added services -- a net work of successful and well connected women who would help women entrepreneurs succeed. BELLE has invested in 14 companies and has exited two of its portfolio companies. In addition, BELLE provides 29 Limited Partners an opportunity to learn about early stage investing and to become active participants in scaling the best women led companies. It's mission is to "create jobs, opportunities for women entrepreneurs, provide them with access to capital, to provide leadership and encourage entrepreneurship and investing in women."

Financial description

This is a fund of accredited women investors who invest in companies who include women on their leadership teams. Our financial strategy is to return above market returns on our investment to our Limited Partners by diversifying our portfolio across both industry and stage. We invest in industry our LPs are expert in -- Technology, Health Care, Automotive and Supply Chair and Clean Energy. Our added strength is the national and global network of women we put at our portfolio's disposal. We have led funding rounds for 6 of our portfolio companies and have Board seats on each. We combine both capital investment with hands on assistance to each of our women entrepreneurs from our GPs , LPs and our vast network of contacts and support.
Each unit in the fund is $100,000. Management fees for the first 5 years are 2.5% but drop to 2% for years 6 - 10. We have $2.5 million total assets to invest. $1.8 million has been invested in 14 companies, with one exit concluded and one in process. The fund's General Partners serve as managers to the fund and make the investments on behalf of the Limited Partners. We are members of the Golden Seeds and syndicate and have co-invested with them on four deals, in addition to other women's Angel Funds and networks throughout the US. We share deals routinely with other Michigan Angel Networks and Funds.

11 years

of track record


the year funded



Asset manager

SDG goals

SDG targets

Equal rights to economic resources, property ownership and financial services

Increase access to financial services and markets

Key performance indicators

Fund overview

Asset manager: The BELLE Michigan Fund

Product track record: Fund has 11 years of track record

Target IRR: 6%

Committed Capital: 3 USD (US Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2012

Vintage year: 2013

Target region: , , ,

Target close date: 01/12/2017

Product term: 10 year term

Assets under management: n.a.

Investment size: Min: 100,000; Max: 325,000; Avg: 150,000

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 14

Fund investments to date exited or repaid: 1

Management fee: 2.5%

Carried interest: 6%

Hurdle rate: 8%%

GIIN Investors' Council Investment: No

Limited Partners / Investors: n.a.

Limited Partner / Investor Type: n.a.


E-mail: n.a.


Phone number: 313-737-1179

If you wish to have your details removed from this database please email

Carolyn Cassin

General Partner

Nancy Philippart

General Partner

Terese Hunwick

General Partner

Impact Performance


Impact thesis

The BELLE Michigan Fund, LP is a disruptive impact innovation in both investing and providing access to capital to the acutely under served market of women owned and women led businesses. We offer them a new source of capital and value added services in a network of successful women LPs and GPs who will do hands on work with them to make sure their company succeeds. BELLE also provides our LPs with an opportunity to learn about early stage investing and to become active participants in scaling the best women led companies. Women entrepreneurs in Michigan only receive about 7% of all start up angel and venture funding and this fund is providing capital to change that statistic. In addition, BELLE has added 29 new active and experienced women angel and venture investors -- a 500% increase in the number of women investors prior to the start of the BELLE Michigan Fund.

Impact Management


Financial benchmark

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