JobsOhio

JobsOhio is funded entirely by the profits from Ohio's wholesale liquor franchise, which the state transferred to the entity under a 2011 constitutional amendment. The monopoly generated roughly $1.2B in profits in fiscal 2023 (per the Ohio Office of Budget and Management). JobsOhio does not publicly disclose a rolling AUM or net asset value; it deploys liquor-receipts as they accrue, combined with bond issuances backed by future franchise revenues.

It is none of the three. JobsOhio is a private, not-for-profit 501(c)(4) corporation created by state constitutional amendment. It does not manage pension assets, it is not a state agency subject to civil-service rules or open-meetings law, and it does not report into the state treasury. Its board is appointed by the governor and confirmed by the legislature, but its balance sheet sits outside the state's general-revenue fund.

JobsOhio uses forgivable loans, recoverable grants, and direct equity instruments, some of which carry clawback provisions tied to job-creation milestones. It does not operate as an IRR-seeking fund — the mandate is employment and capital investment, measured by payroll-tax generation. However, certain structured loans on real-estate and infrastructure projects are designed to return principal to the entity for recycling into future deals.

JobsOhio does not raise outside LP capital and is not structured as a fund. It does occasionally co-invest with corporate partners or federal programs — the Intel megasite package, for example, combined JobsOhio incentives with federal CHIPS Act funding. Co-investment structures are deal-by-deal and not accessible to institutional limited partners in the traditional sense.

JobsOhio operates within six mandated sector verticals and does not participate in residential real estate, retail development, or pure-play financial-institution relocations. It has publicly stated it does not fund speculative development without a committed end-user, and it generally avoids startup-stage venture investing in favor of established corporate-expansion projects with capital-expenditure commitments above $50M.

J.P. Nauseef, president and CEO, oversees investment decisions with a board that includes the CEOs of Procter & Gamble, Marathon Petroleum, and KeyCorp, among others. The governor appoints the board and can influence strategic direction, but individual deal approvals sit with the board's investment committee. A published conflict-of-interest policy bars board members from transactions involving their own firms.

The entity reports annual metrics to the state's legislative oversight committee, including total capital investment committed, new jobs created, and payroll generated. In 2023, it reported $14.3B in new capital investment and roughly 21,000 new job commitments. It does not report a fund-level IRR or MOIC because it is not a financial-return vehicle.