Avon investment manager Ironwood Capital is a partner with a Missouri venture fund that has raised $72 million earmarked to invest in 25 Connecticut companies, authorities say.
Ironwood will identify and underwrite debt and equity investments in qualified firms — from seed-stage to mature operations — for the latest venture pool from Advantage Capital Partners of St. Louis, Mo., officials say.
Gov. M. Jodi Rell and state Department of Economic and Community Investment Commissioner Joan McDonald hailed the partnership as an offspring of the recent state jobs bill that expanded the Insurance Reinvestment Tax Credit program. The program permits fund managers to invest in any Connecticut business, not just insurance-related companies.
Twenty-five percent of the investments must be committed to green technology efforts, while 3 percent must go toward pre-seed investments.
It provided a host of new incentives and resources for businesses to boost investment and create jobs across all industry sectors,” McDonald said.
Advantage Capital Partners’ group of venture capital partnerships has raised more than $1.3 billion since 1992.
