The O.H.I.O. Fund

What The O.H.I.O. Fund does

The O.H.I.O. Fund (legal entity: TOF Manager, LLC) is a Cleveland-headquartered private investment adviser founded in June 2024 by Mark Kvamme (formerly of Sequoia Capital and Drive Capital) and Ray Leach (formerly the founding CEO of JumpStart Inc.). The firm operates a multi-fund private investment platform patterned after Singapore's Temasek, deploying capital into Ohio-based companies, real estate, and infrastructure projects. As of Q1 2026 it manages $647 million in committed capital across 155 investors, split between two flagship vehicles: the $106 million closed-end Ohio Institutional Impact Investment Fund and the $81.895 million (as of July 2025 filing) evergreen Ohio High Growth Investment Opportunities Fund LP, plus additional special-purpose vehicles.

The platform runs a balanced three-pillar allocation (approximately one-third each into real estate, growth equity, and later-stage venture) and has executed 33 multi-asset investments spanning 12 of Ohio's 88 counties, deploying $209 million and generating $75 million in returns through January 2026. Investments cover advanced manufacturing (Eagle Wireless for cellular modules, Endera for electric buses, 1872.ai for AI-native steel fabrication), biotech (JucaBio), fintech (Splash Financial), workforce technology (InnoSource), logistics (EASE Logistics, partnered with Jakib.ai), healthcare AI (LainaHealth), residential real estate (BTR Haus), deep tech (Folio Photonics, Hyperframe), and a 3,000-plus-acre land bank anchored by 148 acres near Intel's Ohio semiconductor project in Sunbury. Distribution is relationship-led via The O.H.I.O. Fund Network of institutional, corporate, foundation, family-office, and high-net-worth investors.

Revenue mechanics are those of a conventional private-fund adviser: management fees on committed or deployed capital plus performance fees (carried interest) on successful realizations. The 11-person team operates from a Midtown Cleveland office (1974 E. 66th Street, Suite 200-B) opened in February 2025, with an ERA registration under the Investment Advisers Act of 1940. GTM is sales-led and network-driven — confidential PPMs to qualified accredited and institutional investors, supplemented by content marketing via a website and the "O.H.I.O. Fund Report" podcast, earned media in regional outlets (Crain's Cleveland Business, Columbus Business First, Ohio Tech News) and national ones (Axios, NYT, WSJ), and recurring co-investment syndicates with Magnetar, Asymmetric Capital Partners, JobsOhio Ventures, Pulse Fund, Drive Capital, and JumpStart.

Name

The O.H.I.O. Fund

Legal name

TOF Manager, LLC

Website

https://theohiofund.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

The O.H.I.O. Fund is a Cleveland-headquartered private investment adviser founded in 2024 that manages $647 million across evergreen and impact funds, deploying capital into Ohio-based growth equity, real estate, and venture opportunities via a Temasek-inspired model and a statewide investor network.

Ownership category

akta.pro rank

Product category

Private Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Private Equity Buyout Fund-of-Funds (FSANAGAD)

akta.pro secondary industries

Real Estate Funds — Opportunistic / Development (FSANAEAI), Growth Equity Fund-of-Funds (FSANAGAE)

Keywords

• Private investment fund
• Venture capital
• Growth equity
• Impact investing
• Real estate investing

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management fees and performance fees: The O.H.I.O. Fund generates revenue through management fees on committed capital under management and performance fees (carried interest) from successful investments in the private funds it advises.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

TOF Manager, LLC dba The O.H.I.O. Fund is a private investment firm that manages private investment funds (including the Ohio Institutional Impact Investment Fund and the Ohio High Growth Investment Opportunities Fund LP) and deploys capital into Ohio-based companies, real estate, and infrastructure projects across advanced manufacturing, biotech, logistics, workforce technology, and digital infrastructure. The firm raises capital from institutional investors, corporations, foundations, family offices, and high-net-worth individuals across Ohio and generates revenue through management fees on committed capital and carried interest on successful investments.

Product overview

The O.H.I.O. Fund operates as a multi-fund private investment platform comprising two core funds: The Ohio Institutional Impact Investment Fund (a $106 million closed-end impact fund) and The Ohio High Growth Investment Opportunities Fund LP (an evergreen fund). The firm allocates capital across three categories: approximately one-third to real estate, one-third to growth equity, and one-third to later-stage venture opportunities. The funds invest in Ohio-based companies and projects spanning advanced manufacturing, biotech, logistics, workforce technology, digital infrastructure, and real estate development.

Differentiator

Problem solved

Functional benefit

Products and services

• The Ohio Institutional Impact Investment Fund A $106 million closed-end impact private equity fund that generates returns while supporting Ohio's economic growth through investments across multiple asset classes including real estate, growth equity, and venture opportunities. Targeted at Ohio-based institutional and private investors seeking impact-aligned returns.
• The Ohio High Growth Investment Opportunities Fund LP An evergreen private investment fund investing in high-growth Ohio companies, real estate, and infrastructure projects across various asset classes. Designed for long-term capital deployment and compounding, with a balanced allocation of approximately one-third real estate, one-third growth equity, and one-third venture opportunities.

Quantifiable outcome

• Raised $647 million in committed capital in under 2 years
• +3 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Jakib.aiminorStrategic or Co-development Partner · 30 April 2026Columbus-based emerging leader in applied artificial intelligence that partnered with EASE Logistics (a portfolio company) to build a proprietary AI agent for logistics operations.
• JumpStart Inc.coreStrategic or Co-development Partner · 14 August 2025Cleveland-based venture development and capital organization; Ray Leach, Co-Founder and President of The O.H.I.O. Fund, was the founding CEO of JumpStart Inc. The fund's Cleveland office is part of the Midtown Cleveland transformation.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Drive Capital: Columbus-based venture capital firm co-founded by Mark Kvamme and others; the most direct Ohio-focused VC peer, competing for the same growth-stage opportunities, talent, and LPs in the state.
• JobsOhio Ventures: State of Ohio's private investment arm that co-invests alongside The O.H.I.O. Fund (e.g., Hyperframe) and competes for attractive Ohio-based venture and growth opportunities with state-backed capital.
• JumpStart Inc. Cleveland-based venture development organization co-founded by Ray Leach; a closely related Ohio early-stage capital and ecosystem builder that targets similar founders and geographies.
• Revolution: Steve Case's Rise of the Rest platform that invests in startups in geographies typically overlooked by coastal VCs, including Ohio; shares O.H.I.O. Fund's thesis of capitalizing on mid-America innovation.
• Asymmetric Capital Partners: Boston-based VC that co-founded Eagle Electronics with The O.H.I.O. Fund and co-led the Eagle Wireless Series B; comparable stage and check size in industrial/tech-enabled businesses.
• Vessel: Midwest-based venture investment firm whose Flagship Studio Fund was anchored by O.H.I.O. Fund to launch six startups in Ohio and the broader Midwest; a closely aligned early-stage studio investor in the same geographies.

Broad incumbents

• Magnetar: Global multi-strategy alternative asset manager that co-invested in O.H.I.O. Fund's Endera deal; a much larger incumbent whose capital allocation decisions and exit capacity materially influence Ohio deal dynamics.
• Sequoia Capital: Premier global VC where Mark Kvamme was a partner; represents the institutional pedigree and investment discipline O.H.I.O. Fund seeks to replicate at regional scale in Ohio.
• Temasek: Singapore sovereign wealth investor explicitly cited as the model for O.H.I.O. Fund's evergreen, multi-asset, locally rooted investment approach; a far larger analogue operating at sovereign scale.

Regional players

• Patriot Capital Partners: Multi-strategy private investment firm focused on U.S. lower-middle-market companies with regional concentration; a useful comparable for O.H.I.O. Fund's growth equity and real estate allocations at smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/TheOhioFund
• YouTubeyoutube.com/@TheOhioFund
• LinkedInlinkedin.com/company/the-o-h-i-o-fund

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The O.H.I.O. Fund