"Kvamme is launching an impact fund, called the OHIO Fund, with Ray Leach, the CEO of Ohio-focused venture development organization JumpStart Ventures, according to an investment deck seen by Fortune (the deck was first reported by Business Insider). The OHIO Fund is modeled after Temasek, Singapore's growth-focused sovereign wealth fund, and will invest in Ohio-based companies, investment funds, real estate, and infrastructure projects that will accelerate economic growth in the state, according to the documents."
"The fund will have offices in Cincinnati, Cleveland, and Columbus, and "regional affiliates," according to the pitch deck, and Kvamme and Leach are aiming to raise $250 million for the first close. The first close could happen as early as the second quarter, says a person familiar with the matter."
"Kvamme, who is also a race car driver, had moved to Ohio more than a decade ago to launch the "JobsOhio" program as a favor to his friend, the then-Ohio Gov. John Kasich, before launching Drive Capital with fellow ex-Sequoia investor Chris Olsen. Drive, which is based in Columbus, had just recently closed a $1 billion fund when Kvamme announced he was stepping back, leaving the midwestern fund without one of its key cofounders."
"Kvamme has acknowledged he's considered running for public office. Late last year, TechCrunch published a letter Drive Capital sent to LPs after a local publication revealed Kvamme was thinking about raisi"
Kvamme is starting a new career phase by launching an invite-only debut event in Cleveland. He is stepping back from Drive Capital, a venture fund he co-founded a decade earlier. The new impact fund, called the OHIO Fund, is being launched with Ray Leach of JumpStart Ventures. The fund is modeled after Temasek and will invest in Ohio-based companies, investment funds, real estate, and infrastructure projects intended to accelerate economic growth in Ohio. The fund plans offices in Cincinnati, Cleveland, and Columbus, plus regional affiliates. Kvamme and Leach aim to raise $250 million for the first close, potentially as early as the second quarter. Kvamme previously moved to Ohio to help launch JobsOhio and later co-founded Drive Capital in Columbus.
#impact-investing #ohio-economic-development #venture-capital #sovereign-wealth-fund-model #fundraising
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