State VC fund closes, commitments surpass goal

An Ohio fund of funds targeting investment in state technology firms has closed after surpassing its goal, its administrator said Wednesday.

The Ohio Capital Fund, a state-funded venture administered by Buckeye Venture Partners LLC, has closed with $150 million committed, $25 million ahead of its goal.

"We are excited to have this fund closed and to continue actively looking at opportunities where venture capital funds will invest capital in Ohio to create new businesses and jobs," Stephen Baker, Fort Washington Investment Advisors Inc.'s managing director of private equity, said in a release.

Ohio Capital has invested in four funds so far, which it announced last week, including Columbus-based Reservoir Partners II. Baker could not disclose how much had been invested in the four venture capital funds, but said it was a very small percentage of the fund.

Buckeye Venture, a joint venture by Cincinnati-based Fort Washington and Cleveland-based Peppertree Partners LLC, has about five other firms it is considering to award money to, he said.

Ohio Capital plans to distribute its funds within the next three years, Baker said. After that, it will monitor venture firms as they distribute the money and the initial growth of businesses they invested in.

The state-run Ohio Venture Capital Authority formed the fund last year.