Photo: Iowa Tourism Office
Iowa Capital Investment Corporation (ICIC) -

Dennis Murdock, ICIC - 515-229-4548
Leslie Frecon, LFE Capital - 612.752.1801
Chip Cooper, Cimarron Capital - 319.621.2066

Iowa Fund of Funds Invests $5M in LFE Growth Fund II

LFE Capital's 2nd Fund to Emphasize Female Entrepreneurs in the Midwest

April 8, 2008 | Des Moines, IA
— The Iowa Capital Investment Corporation (ICIC) announced today that the Iowa Fund of Funds has committed $5 million to LFE Growth Fund II (LFE II), the second fund managed by Minneapolis-based LFE Capital.

“ICIC was impressed by LFE Capital’s ability to generate superior returns by backing great entrepreneurs,” said Dennis Murdock, ICIC Board President. “We’re confident that the LFE team will match up well with investment opportunities in Iowa.”

LFE II will build on the investment strategy of the LFE Capital Fund I, L.P. (LFE I), funded with $10.2 million in 2002, to invest growth and expansion capital in the business services, consumer and health sectors.

LFE II will emphasize businesses owned or led by female entrepreneurs or that serve markets of interest to women. LFE Principal Duane Harris, Ph.D., staffs the firm’s Iowa office.

“Our experience is that excellent investment opportunities exist in markets like Iowa, which tend to be underserved by private equity,” noted Leslie Frecon, LFE Capital founder and CEO. “We’re excited to partner with Iowa Fund of Funds to bring more capital to Iowa and support smaller middle market companies, the growth engine of our economy.”

Ms. Frecon, a former Senior VP of Corporate Finance with General Mills, is also an advisory board member of the Center for Women's Business Research in Washington, D.C.

The Iowa Fund of Funds is managed by Cimarron Capital Partners.

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.

About Iowa Capital Investment Corporation (ICIC)

ICIC is the private non-profit organization authorized by Iowa statute to serve as General Partner of the Fund of Funds and provide oversight and guidance to the Fund Manager.

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.