Ohio-based Mutual Capital Partners has pulled in up to $39m for a new venture capital fund looking to raise up to $50m, AltAssets can reveal.
Mutual Capital Partners III has registered over $15.8m from 70 LPs according to new US Securities and Exchange Commission filing, while Mutual Capital Partners Fund III-Q has received $23.6m from 43 investors.
No placement agents are listed on the documents.
Mutual says it aims to help ‘entrepreneurialism’ by working with angel funds, economic development entities, and entrepreneurs.
The fund’s predecessor was looking to raise $30m in 2011, according to a SEC filing.
Late last year the firm scored a 5.5-times return on the exit of its Fund I portfolio company Cardinal Commerce.
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