Lay of the Land Podcast #224: The O.H.I.O. Fund - Origins and Ambitions

In this special episode of Lay of the Land, host Jeffrey Stern—who also serves as a Principal of the O.H.I.O Fund—sits down with the fund’s founders, Mark Kvamme and Ray Leach, and its two founding partners, Jill Meyer and Mike Venerable, to reflect on the Fund’s first year and bold vision for Ohio’s economic future.

The conversation traces the Fund’s origins back to Kvamme’s idea of creating a Temasek-like model for Ohio: pooling private capital and reinvesting it directly into the state’s economy. Inspired by Ohio’s history as a global industrial leader and its untapped advantages in aerospace, manufacturing, and consumer goods, the founders saw an opportunity to build a new kind of investment vehicle—one that generates competitive returns while simultaneously accelerating statewide prosperity.

In just its first year, the O.H.I.O Fund raised more than $230 million and deployed over $130 million into 19 diverse investments, ranging from real estate to growth equity to technology startups. The leaders emphasize that beyond capital, the Fund’s strength lies in its statewide network of 100+ investors, founders, and operators who can mobilize resources, talent, and expertise with unprecedented speed and scale.

Throughout the discussion, the team highlights why now is Ohio’s moment: reshoring of manufacturing, advances in AI, shifting global supply chains, and a renewed sense of local pride. They share stories of entrepreneurs like Sundays for Dogs, where O.H.I.O Fund stepped in to provide crucial growth capital that had previously only been accessible from out-of-state investors.

Looking forward, the founders envision the Fund becoming a long-term engine for growth, capable of investing billions each year and positioning Ohio as a globally recognized center of capital. As they note, the mission is ambitious, but the opportunity—and urgency—has never been greater.