# JobsOhio Growth Capital Fund

JobsOhio Growth Capital Fund is an Evergreen co-investment fund based in Mequon, United States.

## Overview

- **Organization type:** Evergreen co-investment fund
- **Headquarters:** Mequon, United States
- **Region:** North America
- **Address:** Mequon, Cincinnati, Midlothian, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** https://www.jobsohioventures.com

## Regulatory record

- **Reports private funds:** No

## About

The fund was launched by JobsOhio, the private nonprofit corporation created in 2011 to lead the state's economic development efforts. A board of business leaders oversees strategy, while investment professionals handle underwriting and portfolio management. JobsOhio is funded by profits from the state's liquor enterprise, giving the Growth Capital Fund a distinct source of evergreen, non-taxpayer-backed capital. Investment activity covers venture capital, growth equity, and structured credit, with a geographic anchor requiring that recipients maintain or expand a significant operational presence in Ohio. The fund targets advanced manufacturing, life sciences, information technology, logistics, and food processing — reflecting the state's industrial base and diversification goals. Instruments range from equity co-investments alongside venture funds to direct loans and convertible instruments. The fund has backed companies including automotive technology developer and Ohio-based manufacturers, tying each deal to measurable job-creation metrics. The team works out of multiple Ohio locations, with professionals based in regions aligned with the state's economic development network. JobsOhio's broader organization also manages sector-specific initiatives and a research-and-development grant program, and it collaborates with local economic development offices across the state's metros. In recent years, the fund has emphasized supply-chain resilience and reshoring-linked investments, consistent with federal industrial-policy tailwinds. What distinguishes the vehicle is its hybrid status: it behaves like a strategic investment fund with a return target, yet its performance criteria include employment outcomes and capital retention within a single state. This dual mandate — financial sustainability plus measurable local economic impact — creates a different underwriting process from a purely financial investor, with deal terms often structured around job thresholds or clawback provisions.

## Questions

### How is JobsOhio Growth Capital Fund financed?

JobsOhio's operations are funded by profits from Ohio's state liquor enterprise, established under a long-term lease. This structure provides the Growth Capital Fund with an evergreen, non-taxpayer pool of capital that is replenished by ongoing liquor revenue rather than periodic legislative appropriations. The arrangement is unique among state-level investment vehicles in the United States.

### What types of capital does the fund provide?

The fund offers flexible investment structures including equity, convertible notes, and revenue-based financing. Instruments are tailored to each deal's job-creation profile and the company's capital needs. The fund often participates as a co-investor alongside private venture capital and growth equity firms, reducing risk while meeting its state-impact requirements.

### Who oversees investment decisions at the fund?

Investment decisions are made by the fund's professional staff under the oversight of JobsOhio's board of directors and its investment committee. The board is composed of Ohio business executives appointed by the governor and legislative leaders. Day-to-day underwriting and portfolio management are handled by a team with backgrounds in venture capital, private equity, and economic development.

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Last updated: 2026-06-03T20:00:00.000Z

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