Adena Ventures, LP is one of seven funds selected
nationwide to participate in the New Markets Venture Capital
Program of the U.S. Small Business Administration. It
is targeted for an initial close in December, 2001, at
$32.5 million and will focus on investing in small businesses
within Central Appalachia, including Kentucky, Ohio, Maryland
and West Virginia. This geography has suffered from a
capital gap, despite a robust level of small business
activity that is roughly equal to both the Atlanta and
Washington, D.C. metropolitan areas. The region is also
home to many large firms (e.g., Goodyear, Pillsbury, Lockheed-Martin,
General Electric, Union Carbide, Du Pont, Toyota, Lexmark
International, Hunter Douglas, Mack Trucks).
Adena
Ventures will diversify its portfolio by investing in
a variety of business sectors and industries; experience
and research in the region indicate that investment
opportunities exist in, but are not limited to, the
following categories: (i) technology (inclusive of biotechnology,
energy technology and information technology); (ii)
manufacturing, and (iii) high-end food production and
processing.
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