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Arkansas Institutional Fund Invests in New Venture Capital Fund
Will target early stage technology and healthcare companies in Arkansas
Little Rock, March 4, 2015 - The Arkansas Development Finance Authority (ADFA) announced today that the Arkansas Institutional Fund (AIF) has committed $5 million to the seventh fund of Atlanta-based venture capital fund manager Noro-Moseley Partners.
"Noro-Moseley's strategy has been a great match for Arkansas," said Gene Eagle, ADFA President. "We are pleased with our strong relationship and look forward to more shared success."
Noro-Moseley is one of the largest and most experienced venture capital firms in the southeastern United States and a predictable stop for many entrepreneurs seeking venture capital. Since its formation in 1983, the firm has invested approximately $700 million in 185 companies.
The seventh fund is capitalized at $111 million and will invest in 18-20 early venture and growth stage companies in the technology and healthcare sectors.
"AIF signed up with Noro-Moseley's sixth fund in 2008, and the firm's record of progress on investment goals and attention to Arkansas growth company opportunities justifies our ongoing interest," said Michael Tharp, Managing Director of Cimarron Capital Partners.
"We intend to continue to be active in the state's entrepreneurial ecosystem and grow the network we have cultivated that helps us find and build great companies," said Mike Elliott, Noro-Moseley Managing Partner.
About the Arkansas Development Finance Authority
The Arkansas Development Finance Authority is committed to responding to the changing needs of Arkansas' growing, increasingly diverse population and business community. Since its creation in 1985, ADFA has become the state's largest source of low-cost financing for low-to-moderate income housing development, small industries, government, education, and healthcare. Through the issuance of taxable and tax-exempt bonds and notes, the administration of private and public grants and partnerships with state and federal agencies, ADFA gives Arkansans the most cost-effective financing choices possible. In 2001, bond guaranty legislation was modified to allow ADFA to utilize credit enhancement and state tax credits to finance "fund of funds" venture capital investments. At this time the $70 million Arkansas Institutional Fund was created.
About the Arkansas Institutional Fund
In an effort to strengthen the venture capital network in Arkansas and promote economic growth within the State, the Arkansas Institutional Fund is authorized to invest in professionally managed venture capital funds that in turn make risk capital more accessible to promising Arkansas firms.
About Cimarron Capital Partners
Cimarron is a leading national investment management firm specializing in regional private equity. The firm serves as fund manager for the Arkansas Institutional Fund.