ANN ARBOR – Plymouth Management Company, a recipient of a Michigan Venture Capital Association Fund Development award, has reached a first close of $15.65 million on its Plymouth Venture Partners II, L.P. The company expects to begin investing the money in growth stage companies in the Great Lakes region immediately, while raising an additional $15 million in anticipated funds in coming months.
Plymouth Venture Partners II, L.P. is a follow‐on fund to Plymouth Venture Partners Fund I, which became fully invested in 2009 after completing investments in 29 companies.
?Our experience, track record and growth stage strategy has resonated with investors who are uncertain about where to invest dollars today,? said Mark Horne, managing partner of PVP II. ?There is a growing unease with the public markets, and a renewed enthusiasm to back local entrepreneurs who are expanding nationally and internationally.?
The MVCA Fund Development Program provided seed money to new and existing Michigan-based venture capital managers to cover non-salary expenses, like travel and legal fees, while raising a new fund. The $600,000 program, created by a grant from the 21st Century Jobs Fund, continued the MVCA?s aggressive support of Michigan?s vibrant venture community and the entrepreneurial ecosystem it backs.
?Plymouth Venture Partners has had a long and steady focus on Michigan investment opportunities, so we are very pleased to see their firm realize their fund?s first close during an extremely difficult fundraising climate,? said LeAnn Auer, Executive Director of the MVCA. ?Their patience and tenacity in getting to this point has paid off. We look forward to continued success from their efforts.?
For more information, click on MichiganVCA.Org
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