In October, Mark Kvamme said he was stepping down at Drive Capital, the venture firm he founded.
The so-called Ohio Fund will raise money mostly from Ohio institutional investors, sources said.
The new fund — whose working title is "Ohio Fund" — has drawn comparisons to a sovereign wealth fund, because Kvamme plans to raise capital from mostly Ohio institutions.
Unlike the venture firm he founded, the Ohio Fund will invest in multiple asset classes, including other funds, public stocks, private companies in Ohio, and infrastructure, sources said.
He stayed one year before striking out on his own with ambitions to start a venture firm.