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New Albany venture capitalist William Custer has joined with an investment specialist from Cincinnati to form a private equity investment fund.
The Capvest Venture Fund received approval in September from the federal government to operate as a Small Business Investment Co. That gives the fund the ability to leverage its own pool of money and solicit two-to-one matching capital, up to $105.2 million, from the Small Business Administration at low lending rates.
"The fund is just less than $20 million right now, withut the leverage, and thats not bad in this climate," Custer said. "Once we get approved for leverage, we'll have a much larger war chest to work with."
Custer's partner in the venture is Cincinnati-based Jakki L. Haussler, chief investment officer for Adena Ventures LP, which has its headquarters in Athens. She's also an attorney and a former partner and manager of the Blue Chip Opportunity Fund that made investments within a 200-mile radius of Cincinnati.
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