The O.H.I.O. Fund, a private investment advisory firm with a unique investment thesis focused on leveraging Ohio’s momentum to accelerate economic prosperity and growth across the state, announced today the successful close of one of its funds, The Ohio Institutional Impact Investment Fund (Impact Fund), at $106 million in commitments. This milestone caps the firm’s first year in operation, during which it raised a total of $238 million in commitments, and executed 19 investments across the state.

Of the $238 million raised in the past 12 months, $195 million was raised into the firm’s two core funds—the Impact Fund, which now is closed, and the Ohio High Growth Investment Opportunities Fund, an evergreen fund. An additional $43 million was raised through special purpose vehicles, allowing investors to co-invest directly in four of those investments, alongside the funds. A total of 106 investors, nearly all Ohio-based, participated.

"We’re doing what we said we’ll do—invest across the state, build a great team, and deliver results. Promises made, promises kept," said Mark Kvamme, CEO and Chief Investment Officer of The O.H.I.O. Fund.

Investment Activity and Strategy

The first year has proven successful for The O.H.I.O. Fund’s unique investment thesis. Ohio is at an inflection point, poised for significant economic growth, with a diversity of opportunities in various regions of the state. It’s home to many businesses and important projects looking for capital, with opportunities to scale across asset classes and industries. The firm focuses on providing that capital to help accelerate growth. It’s off to a strong start.

The O.H.I.O. Fund made 19 investments in its first year. A few of those investments include the much-heralded Eagle Electronics (Solon), an industry-leading producer of IoT and automotive-grade cellular modules on the cutting edge of innovation, and JucaBio (Cincinnati), established to build biotech companies around promising, novel therapeutics in areas of high unmet needs. JucaBio’s model was developed to efficiently identify, acquire, and advance early-stage novel therapeutics from academia, large pharma, and other biotech companies.

These investments span a wide range of sectors—including advanced manufacturing, biotech, logistics, and workforce technology—reflecting the firm’s commitment to backing high-impact companies in communities across Ohio. The funds also acquired interests in a variety of real estate and infrastructure endeavors, including more than 3,000 acres of land for next-generation technologies and businesses to expand or locate within the state.

Another standout investment, Innosource, highlights the firm’s strategy of identifying companies deploying artificial intelligence to streamline workflows and drive operational transformation. The funds are supporting Innosource’s evolution into a technology-forward workforce solutions provider, leveraging artificial intelligence and advanced analytics to deliver smarter, faster, more scalable solutions to solve complex customer challenges and drive measurable gains.

Team Growth and Leadership Expansion

The O.H.I.O. Fund began with four founding partners and made its first full-time hire on July 1, 2024, immediately following the initial close of the two funds. Since then, the firm has added three full-time employees and brought on a special advisor dedicated to real estate investments and a second special advisor focused more broadly on deal flow and fundraising.

The firm has established an Advisory Board, consisting to date of five respected Ohio business leaders:

• Alex Fischer (Columbus)
• Jim Hoffman (Toledo)
• Tony Manna (Akron)
• Bob Smith (Cleveland)
• George Vincent (Cincinnati)

Looking Ahead

In its second year, The O.H.I.O. Fund will continue to raise and deploy capital consistent with its thesis—focused on identifying and scaling high-potential Ohio companies, real estate investments, and infrastructure deals. The firm will continue to emphasize investment themes such as the accelerating impact of AI, energy availability, favorable state policy trends, onshoring opportunities, and the continued migration of businesses to Ohio.

"There’s a wave of companies in Ohio ready to grow. Historically, these kinds of companies have been held back by limited access to the capital that could support their growth. We’re here to change that—and the market is responding," said Ray Leach, President of The O.H.I.O. Fund.

About The O.H.I.O. Fund

TOF Manager, LLC dba The O.H.I.O. Fund is a private investment firm committed to investing in and partnering with innovative entrepreneurs, business leaders, and co- investors who, like them, call Ohio home. With a unique investment thesis focused on leveraging Ohio’s momentum, The O.H.I.O. Fund supports growth in advanced manufacturing, biotech, real estate, infrastructure, and other sectors where Ohio leads. The team brings deep experience and a robust statewide network to connect leaders and unlock the state’s most promising opportunities. Learn more at www.theohiofund.com.

Important Information and Disclosures

This press release is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to purchase, any securities in any private investment fund (the “Fund”) managed by TOF Manager, LLC (“The O.H.I.O. Fund” or the “Adviser”). Any such offering will be made solely to qualified investors by means of a confidential private placement memorandum and other offering documents, which should be reviewed carefully prior to any investment decision.

The O.H.I.O. Fund is an exempt reporting adviser and is not registered as an investment adviser with the U.S. Securities and Exchange Commission. As such, the Adviser is not subject to certain regulatory requirements applicable to registered investment advisers, including specific rules relating to performance advertising and ongoing compliance program obligations.

Interests in the Fund are offered in reliance on an exemption from the registration requirements of the Securities Act of 1933 and the Investment Company Act of 1940 and are intended only for persons who are “accredited investors” (as defined in Rule 501(a) of Regulation D under the Securities Act) and, where applicable, “qualified purchasers” (as defined in Section 2(a)(51) of the Investment Company Act). No public offering of interests is being made.

Any forward-looking statements herein reflect the Adviser’s current views and expectations with respect to future events and performance and are not guarantees of future results. Actual results may differ materially from those projected. Past performance is not indicative of future performance. There is no assurance that any investment objectives will be achieved.

This communication may include information about portfolio companies, past investments, or current holdings of the Fund. These examples are provided solely to illustrate the Adviser’s investment approach and are not intended as investment recommendations or indicative of future results. A complete list of investments is available upon request.

This press release is intended only for persons located in jurisdictions where distribution is permitted under applicable law, and may not be reproduced, distributed, or used for any other purpose without the express written consent of the Adviser.

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