ANN ARBOR – Plymouth Ventures has closed Plymouth Venture Partners III, surpassing its fundraising target of $60 million. The fund will invest in growth stage businesses located in the Great Lakes region.
With the close of the PVP III, Plymouth Ventures now has more than $100 million in committed capital under management. The fundraising process for PVP III was completed in just eight months.
“We are delighted to close so quickly on PVP III and continue to deploy capital to growth stage companies here in the Great Lakes region,? said Managing Partner Mark Horne. ?We were fortunate to have strong backing from our PVP II limited partners, who are participating in PVP III in large numbers, and from institutions ? over 50 percent of PVP III’s committed capital comes from regional institutions.”
As part of this raise, Plymouth Ventures took on a new partner, Evan Ufer, who is focusing on generating deal flow and closing investments, and a Chief Financial Officer, Chris Frick, who is managing Plymouth’s back office financial activities and the company’s third-party service providers.
“It was important for us to continue investing without interruption, and we are pleased to have accomplished that goal,? Horne said ?Deal flow is strong, and we are excited about the opportunities we are seeing in the Great Lakes region. My Partners and I look forward to deepening our involvement in cities such as Cleveland, Cincinnati, and Indianapolis, while continuing our emphasis across the state of Michigan and in the Chicago metro area.”
