Venture capital partnership may leverage $20M

The Vermont Economic Development Authority is teaming up with Brook Venture Partners to form a venture capital fund targeting companies that want to expand in the state.

The fund, to be called the Vermont Capital Partners and based in Montpelier, will have between $15 million and $20 million to invest in Vermont companies, VEDA Chief Operating Officer Steven Greenfield said.

"The Vermont business community is seeking fresh, new options for this type of capital," VEDA Chief Executive Officer Jo Bradley said in a statement.

In 2004, the Legislature authorized VEDA to use $2 million in public money to leverage additional private investment to create a public-private venture capital fund.

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