ANN ARBOR, Mich., July 16, 2014 /PRNewswire/ --Plymouth Ventures announced today the final close for Plymouth Venture Partners III (PVP III). Surpassing its fundraising target of $60 million, PVP III will continue to execute on the same strategy and focus as PVP II. 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 over $100 million in committed capital under management.
The fundraising process for PVP III was completed in just eight months. Managing Partner Mark Horne stated, "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. 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% 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.
Horne continued: "It was important for us to continue investing without interruption, and we are pleased to have accomplished that goal. 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."
About Plymouth Venture Partners III, L.P.
Fund III is a follow-on fund to Plymouth Venture Partners I and II, which have collectively invested in 39 companies since 2003. Plymouth Venture Partners III invests in growth stage companies in the Great Lakes region.
About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has five partners, Mark Horne, Ian Bund, Jeff Barry, Kevin Terrasi and Evan Ufer. It is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.
CONTACT: Mark Horne, Managing Partner
(734) 747-9401 phone/ (734) 929-1811 fax
Email: mhorne@PlymouthVC.com
555 Briarwood Circle, Suite 210
Ann Arbor, Michigan 48108
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SOURCE Plymouth Ventures
