Directory
Every fund in the region
Filter by state, strategy, stage, and check size. Each profile shows its sources and the date we last verified it.
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The capital map of the Upper Midwest.
Northern Dealbook is an independent record of private equity and venture capital in Minnesota, Wisconsin, and the Dakotas — who is investing, what they are buying, and what it means for the founders and fund managers on the other side of the table.
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Deal record
What actually closed
Rounds, buyouts, add-ons, and fund closes involving companies headquartered across the four states.
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Practical guidance
Term sheet explainers, entity comparisons, and fund formation checklists written for this region's law and market practice.
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Insights
Minnesota's Angel Tax Credit Has Expired — and the State's Own Page Still Describes It in the Present Tense
The statute sunset for tax years beginning after December 31, 2024. The Department of Revenue's guidance page, updated in December 2025, carries no expiration notice. Here is what actually survives.
Aug 2026
Wisconsin Kept Its Angel Credit. Minnesota Didn't.
Wisconsin's 25 percent angel investment credit carries no sunset and is live for the 2025 tax year. Minnesota's expired after 2024. For anyone raising on either side of the St. Croix, that asymmetry is now a structuring fact.
Aug 2026
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Fund formation, term sheet negotiation, diligence, and closings across Minnesota, Wisconsin, and the Dakotas.