The Badger Fund of Funds, which was seeded with $25 million in state dollars, will launch its first venture capital funds in Madison, Oshkosh, Green Bay and Vilas County, according to the Wisconsin Department of Administration.

The fund of funds has raised more than $5 million in additional private capital and expects to finalize its first funds in the next few weeks, the department said in a letter to the Legislature's Joint Finance Committee.