The O.H.I.O. Fund celebrates $238 million first-year milestone, fueling Ohio’s next economy
Ohio is more than the heart of it all. It’s a $900 billion economy with over 11 million people and a legacy of innovation that stretches from the birthplace of aviation to today’s world-class healthcare systems. Now, as the state reaches a new inflection point and era of opportunity, The O.H.I.O. Fund is helping fuel what’s next—backing the companies, talent, and infrastructure building Ohio’s future.
One year in, the fund is celebrating a milestone first year: $238 million raised, 19 investments completed, and one of its flagship funds—the Ohio Institutional Impact Investment Fund—fully closed at $106 million.
"We’re doing what we said we’ll do,” said Mark Kvamme, CEO and Chief Investment Officer of The O.H.I.O. Fund. “Invest across the state, build a great team, and deliver results. Promises made, promises kept.”
An Ohio-first approach to investing
Nearly all of the 106 investors who participated in the fund’s first year are based in Ohio, a deliberate strategy designed to keep both capital and value creation close to home. In addition to the Impact Fund, the firm launched the evergreen Ohio High Growth Investment Opportunities Fund and raised an additional $43 million through special purpose vehicles to co-invest alongside the core funds.
The firm’s thesis is straightforward: Ohio is at a pivotal moment. It boasts world-class research institutions, dozens of Fortune 500 headquarters, deep industrial capacity, and a growing roster of cutting-edge companies investing billions into the state. Yet historically, the Buckeye State has lacked the early and growth-stage capital needed to fully unlock its potential. The O.H.I.O. Fund was built to change that. And, while just getting started, its first year proves it’s making a serious impact.
"There’s a wave of companies in Ohio ready to grow,” said Ray Leach, President of The O.H.I.O. Fund. “Historically, these kinds of companies have been held back by limited access to the capital that could support their growth. We’re here to change that—and the market is responding.”
High-growth investments, homegrown impact
In its first year, The O.H.I.O. Fund made 19 investments spanning industries from biotech to workforce technology. Notable examples include:
Eagle Electronics (Solon): A cutting-edge producer of automotive-grade cellular modules for IoT and mobility
JucaBio (Cincinnati): A biotech venture advancing novel therapeutics through a unique company-building model
Innosource (Columbus): A workforce solutions provider evolving into an AI-powered, tech-forward business
In addition to operating companies, the firm also acquired over 3,000 acres of land for infrastructure and real estate developments to support the next wave of tech, manufacturing, and logistics growth across the state.
Building a statewide engine
The O.H.I.O. Fund began with four founding partners, Kvamme, Leach, Jill Meyer, and Mike Venerable, and has since added another four full-time employees, two special advisors, and an advisory board made up of prominent Ohio business leaders Alex Fischer (Columbus), Jim Hoffman (Toledo), Tony Manna (Akron), Bob Smith (Cleveland), and George Vincent (Cincinnati).
With that foundation in place, the fund plans to deepen its investments in year two by doubling down on AI, energy, onshoring, and the broader momentum reshaping Ohio’s economy.
A model for state-focused capital
In many ways, The O.H.I.O. Fund represents a new model of localized economic development. One rooted in private capital but inspired by the concept of a sovereign wealth fund: Ohio money invested in Ohio opportunities, for the benefit of Ohio communities.
With Ohio on the cusp of becoming a trillion-dollar economy, The O.H.I.O. Fund is positioning itself to help turn that potential into reality—deploying the right capital at the right time to accelerate innovation, scale high-growth companies, and drive long-term economic impact across the Buckeye State.