Taxpayers are shelling out 7.5 million dollars to help the Ohio Capital Fund meet its obligations.
Bloomberg News reports the venture capital fund created by the state to help local startups did not generate enough money from investments to cover a February 15th principal payment on its debt. It is turning to the state to avoid default. The fund is managed by an affiliate of Cincinnati-based Fort Washington Investment Advisors. According to its website, the Ohio Capital Fund was established by the state to act as a catalyst to promote venture capital investment in promising Ohio companies.