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.
Open the directory →Minnesota · Wisconsin · North Dakota · South Dakota
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.
132
Firms in the directory
273
Transactions recorded
4
States covered
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
Minnesota Voided Employee Non-Competes. Deals Still Work — but Retention Doesn't.
Minn. Stat. § 181.988 makes employee non-competes void, blocks the choice-of-law workaround, and awards fees to employees. The sale-of-business exception survives intact. For a buyer, that combination changes what you are actually acquiring.
Aug 2026
North Dakota Pays the Most
A 45 percent seed capital credit and a 35 percent angel fund credit make North Dakota the most generous of the four states for early-stage investors — by a wide margin, and with the smallest economy behind it.
Aug 2026
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Fund formation, term sheet negotiation, diligence, and closings across Minnesota, Wisconsin, and the Dakotas.