The Arkansas Development Finance Authority (ADFA) announced today that the Arkansas Institutional Fund (AIF) has committed $5 million to the sixth fund of Atlanta-based venture capital fund manager Noro-Moseley Partners. The AIF is managed by Cimarron Capital Partners.
“Noro-Moseley has been visible here and will do a stellar job for us,” said Gene Eagle, ADFA Vice-President. “Their investment experience in the Southeast brings added know-how to our great state.”
Founded in 1983, Noro-Moseley is one of the largest and most experienced venture capital firms in the southeastern United States. Since inception, Noro-Moseley has created five limited partnership funds totaling approximately $580 million and has invested in approximately 160 companies.
“Noro-Moseley has convinced us they can open new markets like Arkansas,” said Michael Tharp, Cimarron Managing Director. “They believe they can enhance returns for their partners by prospecting in Arkansas.”
Noro-Moseley’s sixth fund, which closed today, is capitalized at $120 million and will invest in 20-25 companies in the technology, healthcare and tech-enabled business services industries.
“Arkansas is a natural fit with our regional strategy of providing management teams with an extensive contact network to build great companies,” said Kathy Harris, Noro-Moseley Partner. “We are excited about the opportunity to invest in Arkansas’ promising entrepreneurs and bring additional venture capital to the state.”
ABOUT THE ARKANSAS INSTITUTIONAL FUND
In an effort to strengthen the venture capital network in Arkansas and promote economic growth within the State, the Arkansas Institutional Fund (AIF) is authorized to invest in professionally managed venture capital funds that in turn make risk capital more accessible to promising Arkansas firms.
ABOUT CIMARRON CAPITAL PARTNERS
Cimarron is a leading national investment management firm specializing in regional private equity. The firm is the Designated Investor Group for the Arkansas Institutional Fund (AIF).
Contacts:
Michael Tharp, 501-223-3284
or
ADFA
Gene
Eagle, 501-682-5905
or
Noro-Moseley
Kathy Harris,
404-364-6678