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Entrepreneurs have a new door to knock on in town when looking for investors to grow their companies.
Tucked away in Ohio City's environmentally friendly Green Building, in a small office furnished by donations from friends and family, newly formed Mutual Capital Partners LLC has raised $13.2 million to invest in high-growth consumer product companies in the Midwest.
The fund's founders, Bill Trainor and Wayne Wallace, are keeping the names of their fund's investors confidential. Mr. Wallace said the firm has received investment from 75 individuals, most with ties to Cleveland, who are the type of people "I grew up reading about in the newspaper."
The fund plans to make two or three investments a year of up to $2 million each in companies with the potential to grow to $30 million in annual revenue in five years and then become ripe for acquisition.
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