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Venture funds to get $1.25
million
Portland Press Herald
October 30,
2002
Four venture-capital funds will receive $1.25
million to help support economic development in
Maine.
The money represents the balance of the $3
million that was available from the Maine Economic
Development Venture Capital Revolving Investment Fund.
The fund allows the state to invest in established
venture-capital funds with a strategy for the creation
and retention of jobs in Maine.
It is designed to support the growth of emerging
and early-stage businesses in Maine.
The board of directors of the Finance Authority
of Maine, a quasi-public agency that administers the
fund, has voted to provide $200,000 to Rockwater Capital
Partners LLC; $600,000 to Masthead Venture Partners
Capital L.P.; $200,000 to CEI Community Ventures LLC;
and $250,000 to Borealis Fund LP
Each firm has agreed to reinvest the funds into
Maine companies.
"Given the track records and experience of the
fund managers who will oversee the reinvestment of these
funds, we are confident that the program will
effectively target worthy, early-stage Maine companies
that have the potential to grow and become significant
contributors to Maine's economic base," said Charles J.
Spies III, FAME chief executive officer.
Rockwater Capital Partners, which is
headquartered in Portland, focuses on innovation in
precision manufacturing, information technology, medical
equipment and services, engineered composite products,
biotechnology, franchising, electronics, health care
products and services, building products, specialty
services and consumer products.
Masthead Venture Partners Capital of Portland
provides seed- to early-stage private equity investments
in emerging-growth, technology-based sectors of the
economy. This includes communications, Internet
infrastructure, wireless networking, software and
enterprise applications, as well as medical
technology.
CEI Community Ventures, based in Wiscasset,
invests equity capital in low-income areas of Maine, New
Hampshire and Vermont. This fund targets businesses that
help provide sustainable economic and community
development, create financial opportunities for
low-wealth individuals and offer investors attractive
returns.
Borealis Fund invests in early-stage businesses
in northern New England, targeting information
technology, life sciences, communications, physical
sciences and other high-growth sectors. It has offices
in Maine and New
Hampshire. | 
