|FOR IMMEDIATE RELEASE||Source:|
Iowa Capital Investment Corporation (ICIC) - www.investiowa.com
Mike Blackburn, Petra Capital Partners - 615.313.5992
Dennis Murdock, ICIC - 515.229.4548
Chip Cooper, Cimarron Capital Partners - 319.621.2066
Governor Culver Announces New Venture Capital Firm Serving Iowa Entrepreneurs
Iowa Capital Investment Corporation (ICIC) Invests with Petra Capital Partners
May 9, 2008 | Des Moines, IA — Governor Chet Culver announced today that the Iowa Capital Investment Corporation (ICIC), the State’s venture capital development organization has, through the Iowa Fund of Funds program, committed $5 million to Petra Growth Fund II.
Governor Culver said, “Through their investments, ICIC is helping to provide Iowa entrepreneurs with broader access to the nation’s venture capital network. Access to all types of venture capital is critical as Iowa builds new companies and industries for the 21st Century. The investment in Petra Capital Partners is another step in that direction.”
Petra Growth Fund II will seek growing Iowa companies in the healthcare business and information services sectors. Iowa companies in those sectors may benefit by contacting Petra (www.petracapital.com).
Dennis Murdock, Chairman of the Iowa Capital Investment Corporation said, “We worked closely with Petra Capital Partners to confirm that Iowa has the kind of companies they tend to back. We found that they have an excellent reputation with the entrepreneurs with whom they invest and can be counted on to add a lot of value to the effort to grow the businesses they support. They have a solid investment record and should be able to help us in Iowa.”
Mike Blackburn, Petra Managing Partner, said, “We look forward to working with Iowa entrepreneurs. We believe there are investment opportunities in Iowa and will be looking hard to find them and to help them realize their full potential.”
In addition to Petra Capital Partners, ICIC has entered into similar agreements with Tonka Bay Partners (www.tonkabayequity.com), Village Ventures (www.villageventures.com), LFE Capital (www.lfecapital.com) andProlog Venture Partners (www.prologventures.com). Iowa entrepreneurs are invited to visit these websites for more information.
About the Iowa Fund of Funds
The Iowa Fund of Funds is a $100 million program organized by the Iowa Capital Investment Corporation (ICIC) and professionally managed by Cimarron Capital Partners LLC. The Iowa Fund of Funds is designed to help build a professional venture capital industry to serve Iowa entrepreneurs. www.investiowa.com
About Iowa Capital Investment Corporation (ICIC)
ICIC is the private non-profit organization authorized by Iowa statute to serve as General Partner of the Iowa Fund of Funds and provide oversight and guidance to the Fund Manager. www.investiowa.com
About Cimarron Capital Partners LLC
Cimarron is a leading national investment management firm specializing in regional private equity. The firm serves as Fund Manager of the Iowa Fund of Funds. www.cimarroncapital.com