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).
New legislation is needed to continue the fund, but a House bill that would do just that hasn’t gone anywhere since it was introduced in January. A similar proposal passed the House by a vote of 98-0 in the state’s last legislative session, but didn’t make it to a vote in the Senate.
To read the full, original article click on this link: Are the Ohio Capital Fund’s days numbered?
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