The next phase of Mark Kvamme’s career officially starts this week.
Fundraising materials for the OHIO Fund say that Kvamme and Leach’s new fund will “rarely compete” with other investors in the region, and the pitch deck says that the fund will “only price rounds when existing investors are unable to do so.” Investors at the OHIO Fund won’t plan to take board seats, according to one of the people. Kvamme didn’t respond to multiple requests for comment prior to publication.
While the OHIO Fund has not yet been formally launched, Kvamme and Leach are in discussions with a few anchor limited partners, according to one of the people.
Kvamme and Leach are fundraising two separate funds, according to the fundraising materials. The Ohio High Growth Investment Opportunities Fund will be a fund with a $375 million target that, similar to Sequoia’s updated fund structure, will be evergreen with no termination date. The second fund, the Ohio Bank Impact Fund, has a $125 million fund target and will be structured more like a traditional closed-end investment vehicle.
Should Kvamme and Leach raise the intended capital, Kvamme will serve as president and chief investment officer for the OHIO Fund, and Leach will manage the fund’s operations after the first close. Fundraising materials laid out Kvamme and Leach’s respective track records: Prior to his current fundraising efforts, Kvamme had invested $296 million in capital and returned $1.92 billion to investors, with unrealized returns of $819 million. Leach has invested $86 million in Ohio startups, returning $84 million to date with $220 million in unrealized returns.
Kvamme is expected to announce the new venture Thursday evening at a JumpStart Ventures limited partner meeting at a venue near Cleveland’s West Side Market.
See you tomorrow,
Jackson Fordyce curated the deals section of today’s newsletter.
