Ex-Sequoia VC Mark Kvamme Launches $500 Million OHIO Fund
Mark Kvamme, a former Sequoia Capital partner and co-founder of Drive Capital, is launching a new $500 million investment vehicle called the OHIO Fund. Partnering with Ray Leach, CEO of JumpStart Ventures, Kvamme aims to debut the fund at an invite-only event in Cleveland. The initiative is designed to accelerate economic growth in Ohio by investing in local companies, real estate, infrastructure, and other funds. Modeled after Singapore’s Temasek, the OHIO Fund comprises two distinct components: the $375 million Ohio High Growth Investment Opportunities Fund, which is evergreen, and the $125 million Ohio Bank Impact Fund, structured as a traditional closed-end vehicle. Kvamme, who recently stepped back from Drive Capital amid reports of potential political ambitions, will serve as president and chief investment officer. The fund plans to avoid direct competition with existing regional investors, intervening only when current backers cannot participate. With offices planned for Cincinnati, Cleveland, and Columbus, the team targets a first close of $250 million by the second quarter of 2023.
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Ex-Sequoia VC Mark Kvamme Launches $500 Million OHIO Fund
Mark Kvamme, a former Sequoia Capital partner and co-founder of Drive Capital, is launching a new $500 million investment vehicle called the OHIO Fund. Partnering with Ray Leach, CEO of JumpStart Ventures, Kvamme aims to debut the fund at an invite-only event in Cleveland. The initiative is designed to accelerate economic growth in Ohio by investing in local companies, real estate, infrastructure, and other funds. Modeled after Singapore’s Temasek, the OHIO Fund comprises two distinct components: the $375 million Ohio High Growth Investment Opportunities Fund, which is evergreen, and the $125 million Ohio Bank Impact Fund, structured as a traditional closed-end vehicle. Kvamme, who recently stepped back from Drive Capital amid reports of potential political ambitions, will serve as president and chief investment officer. The fund plans to avoid direct competition with existing regional investors, intervening only when current backers cannot participate. With offices planned for Cincinnati, Cleveland, and Columbus, the team targets a first close of $250 million by the second quarter of 2023.
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