FORT Washington Capital Partners has raised $40 million for a new fund created to drive investment in early-stage-venture capital opportunities in the northern Kentucky, central and southwesternOhio, and southeastern Indiana region.
The Tri-State Growth Capital Fund I, L.P. will support entrepreneurs and new business growth in the areas of life sciences, information technology and advanced manufacturing, paving the way for the creation of more venture capital firms in the region. The goal is to invest in regional and national venture firms committed to evaluating investments in companies that will benefit the tri- state area.
The fund’s target markets include Cincinnati, Columbus and Dayton, Ohio; Indianapolis; and Louisville and Lexington, Ky.
Fort Washington is among a small number of firms to successfully complete fundraising for a regional fund in today’s difficult economic environment. According to Venture Economics, the national fundraising environment has seen a steady decline in the size of venture funds. Net venture capital fundraising totaled $14.7 billion in 2002, compared to $64.3 billion in 2001 and $157 billion in 2000.
The Tri-State Fund was established with investments from The Procter & Gamble Company, Fifth Third Bancorp, Convergys Corporation, The Western and Southern Life Insurance Company, E.W. Scripps Company, Ashland Inc., Cincinnati Children’s Hospital Medical Center, University of Cincinnati, Castellini Management Company and GE Aircraft Engines.
Copyright Lane Communications Group, Inc. May 01, 2003
