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Are the Ohio Capital Fund's days numbers?


MEDCITY News - 4.18.11 - A state-backed venture capital fund that’s widely praised by supporters for helping lure 10 out-of-state venture firms to Ohio could be on its last legs.


The Ohio Capital Fund‘s future is hazy because it isn’t clear whether the fund is much of a priority for Gov. John Kasich and the Republican-dominated legislature. The fund, which was established as a “fund of funds” by the legislature in 2003, has committed $125 million of a possible $140 million to 23 venture firms and is expected to be tapped out in terms of investment commitments within the next few months, according to Tarik Adam, investment manager with Fort Washington Capital Partners Group, which was hired by the state to administer the Ohio Capital Fund (OCF).

“If they don’t get something done in the next year or so, the first OCF will likely be the last, which will be a shame,” said Steve Haynes, a managing partner with Cleveland-area venture firm Glengary. Glengary is one of 23 venture funds to receive an investment from the OCF, which doesn’t specify the amount it invests in each fund. The maximum per-fund investment is $10 million.

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