What if Ohio had an impact fund, similar to Singapore’s Temasek, that could broadly catalyze economic growth in the state and generate wealth through investments in startups, real estate and infrastructure projects?
That question is at the heart of the ambitious thesis behind The Ohio Fund, a private investment fund in the works by Mark Kvamme, co-founder of Columbus’ Drive Capital, and JumpStart Inc. CEO Ray Leach.
Together, the two are looking to raise $500 million for this new fund, according to investor materials and people familiar with the endeavor. Managers are prohibited from discussing the fund while capital is being raised and declined to comment for this story.
“Imagine having access to the best investment opportunities across Ohio’s $600B economy?,” prompts an Ohio Fund investor deck obtained by Crain’s. “We believe 2023 is the time to create an ‘Impact Fund’ inspired by Temasek focused on Ohio’s economic future!”
Since established by the Singapore government in 1974, Temasek, which has been described as a sovereign wealth fund, has amassed a portfolio worth an estimated $299 billion, according to assets reported as of March 2022. The operation comprises 12 offices that focus on investments in Singapore and Asia across a variety of industries and asset classes.
Similar to how Temasek is focused on Singapore and Asia, The Ohio Fund aspires to be an evergreen fund focused on the Buckeye State with the goal of generating long-term economic impact. In the future, the operation could include staff working in pockets across the state at locations in Cleveland, Columbus and Cincinnati.
This article first appeared in Crain’s Cleveland Business on March 17, 2023.