A venture-capital fund created by the state to nurture startups now needs a hand from Ohio taxpayers.
For the first time since its creation in 2003, the Ohio Capital Fund isn’t making enough money from its investments to cover payments on the money it has borrowed to finance its investments in startups.
The fund, managed by an affiliate of Cincinnati-based Fort Washington Investment Advisors, needed about $15 million in taxpayer money to make bond payments this year and may need help next year as well.
“This is the way the program is structured. No one thought it was going to be easy. No one thought there would be no risk,” said Steve Baker, head of private equity at Fort Washington.
