Pennsylvania Gov. Edward G. Rendell recently announced that the state will be better able to help life sciences, information technology and alternative energy companies grow with its latest $7 million investment.
“As our economy continues to grow, so have our methods for investing in new, high-growth industries,” Governor Rendell said. “The New PA Venture Capital Investment program, from which today’s investments originate, represents another example of how my economic stimulus package is working for Pennsylvania’s growing businesses. Through this initiative, we are able to support early stage venture capital opportunities in companies in every region of Pennsylvania.”
New PA Venture Capital provides $60 million in loans to venture capital managers, which helps to leverage another $180 million in private equity for a total investment of $240 million. By supporting the companies graduating from the Ben Franklin Partners and Life Science greenhouses, the program helps to foster an innovative economy.
To date, the Commonwealth Financing Authority, which administers the program, has committed $52.6 million of the $60 million available.
During the next several years, nearly $1 billion in venture capital funding will be available to Pennsylvania’s companies as a direct result of public/private partnerships, which helps the commonwealth continue to attract and retain high-growth firms.
The available capital, coupled with early-stage investments and Pennsylvania’s strong university research and development presence, have created an ideal environment for venture capital investments throughout Pennsylvania.
The following investments were approved by the Commonwealth Financing Authority:
Penn Ventures II LP received $4 million in capital commitments from the CFA for investments in multi-stage technology, life science and clean-tech companies throughout all regions of Pennsylvania.
Mid-Atlantic Venture Fund IV Partners LP received $3 million in capital commitments for investments through the Mid-Atlantic V LP. The fund is making minority seed and early-stage investments in Mid-Atlantic based technologies in Pennsylvania. This is the second allocation for the Mid-Atlantic V LP. It received a $4 million allocation this past January.
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