Technology

The Ohio Venture Capital Authority (OVCA)

The purpose of the Ohio Venture Capital Authority is to increase the amount of private investment capital for Ohio companies in the seed or early stage of business development.  The Program seeks to drive entrepreneurial growth, job creation and economic prosperity in Ohio by creating a "fund of funds" portfolio of seed and early stage capital investments. The Program is overseen by the Ohio Venture Capital Authority (OVCA), which was appointed by the Governor in November of 2003 with the authority to oversee the program. The fund of funds, called The Ohio Capital Fund, is managed by Buckeye Venture Partners, LLC.

Please refer to the fund website www.theohiocapitalfund.com for complete Program information. This short summary is not intended to provide a complete representation of the Ohio Venture Capital Authority.

Program Description:

The Ohio Venture Capital Fund Program was established by the Ohio General Assembly and Governor's office to increase the amount of private investment capital available in Ohio for Ohio companies in the seed or early stage of business development.

Chapter 150 of the Ohio Revised Code authorized the creation of a "fund-of-funds" to invest in venture capital firms, which will in turn invest in seed and early stage companies. The statute also created the Ohio Venture Capital Authority (OVCA), to provide oversight to the Program and related infrastructure.

The OVCA is comprised of nine members, including seven members from the general public appointed by the Governor, as well as the director of the Ohio Department of Development and the tax commissioner for the State of Ohio (both as non-voting members).  All appointed members have experience in investment banking, early stage venture capital, fund-of-funds management, entrepreneurship and/or other areas relevant to the activities of the Program.

The OVCA has four primary responsibilities:

• Establish an Investment Policy
  The OVCA established and ratified a policy in June 2004.
• Select a Program Administrator
  The OVCA selected signed an expected 15-year contract with Buckeye Venture Partners, LLC. Buckeye Venture Partners is responsible for making all investment decisions strictly in accordance with the Investment Policy.
• Execute and oversee the contract with the Program Administrator
  On January 31, 2005, the OVCA and Buckeye Venture Partners entered into an agreement in which Buckeye Venture Partners will serve as the Program Administrator under an expected 15-year contract.
• Issue Tax Credits for Lender Losses (if needed)
  The statute authorizes the OVCA to issue tax credits to support the repayment of principal and interest on the Program Administrator's capital-raising loans, if necessary. These contingent tax credits are limited by ORC Chapter 150.

Contact Information:

The Ohio Capital Fund:
c/o Buckeye Venture Partners, LLC
41 S. High St. 
Suite 2495 
Columbus, Ohio 45215
www.theohiocapitalfund.com

General Inquiries:
OVCA Staff
Technology Division
614.466.3887

Media Contact:
Nicolette Jaworski
Public Information Officer
Ohio Department of Development
614.466.9161 phone