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Maryland may become matchmaker between super funds and area VCs
Maryland wants to do some of the heavy lifting for its venture capital firms — even as it concedes its efforts will come with no commitment to spread any new wealth among technology startups in the state.
By:
Robert J Terry
The Business Journal of Baltimore
http://www.nasvf.org/web/allpress.nsf/pages/8759
State economic development officials have begun targeting international firms that invest money not in companies but in other funds in hopes of pumping capital into Maryland-based venture capital firms.
"No other state has gone out raising money for their venture capitalists. I would like the state to show some leadership and that’s what we’re doing," Maryland Department of Business and Economic Development Deputy Secretary Christopher C. Foster said.
Fundraising would seem to be the sole domain and primary job description of a firm’s well-connected partners.
But the department has the ambitious goal of boosting the amount of venture capital in the state to more than $1 billion, and it is embarking on this undertaking in the midst of crushing budget deficits.
Making introductions between venture capitalists here and executives overseeing so-called "fund of funds" is part of a DBED strategy to target international financial hubs.
One of those is Singapore and, building on introductions made during a late-February trade mission, two executives with a $1.3 billion, government-backed venture fund came to Baltimore this week to meet with six venture firms.
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