Plymouth Ventures recently announced the launch of Plymouth Venture Partners III (PVP III). With a fund size targeted to be $60 million, PVP III will continue to execute on the same strategy and focus as PVP II. The fund will invest in growth stage businesses located in the Great Lakes region.
After two months of initial fundraising, the new fund completed a $31.6 million first close, with a total of $39 million in signed commitments. Managing Partner Mark Horne stated, “We are excited to launch our next fund. It’s a great time to invest in this region, and we are seeing a steady flow of interesting new opportunities. This strong first close will allow us to seamlessly move from Fund II to Fund III, and continue to invest without interruption.”
Plymouth Ventures also announced the formation of the PVP III Advisory Committee. The initial committee is made up of four PVP III Limited Partners and will expand up to seven at the final close, expected in May or June. Advisory member brief bios are listed below:
Michael T. Monahan (Chairman)
Mike Monahan was a career commercial banker, starting in 1960 at Manufacturers National Bank of Detroit. He held a variety of positions within the bank, ultimately becoming Vice Chairman responsible for all credit and lending activities. In 1990 he was elected President of the bank and its holding company, Manufacturers National, Inc., and remained so until the merger of Manufacturers with Comerica. Mike served as President of Comerica Bank from 1992 to 1999, when he then retired to form Monahan Enterprises, LLC, a consulting and investment company. Mike received a BBA from the University of Notre Dame, an MBA from the University of Michigan, and completed the Advanced Management Program at the Harvard Business School.
Gerry Boylan co-founded Long Point Capital, a middle market private equity firm in 1998. Currently, Long Point has investments in 11 companies with sales of over $700 million and over 3,000 employees. Prior to Long Point, Gerry was Vice President of Business Development for Masco Corporation where he was involved in more than 35 M&A transactions exceeding $2 billion in value. He is a Board Member and past Chairman for Detroit PAL, a non-profit athletic league in Detroit building character in approximately 10,000 children.
Bill Foster has helped clients, non-profits and small companies for the past 22 years meet their goals through risk management. Currently advising on over $4 billion in diversified assets, he enjoys the challenge of capital markets around the world. The Foster family has had a long history of private investment over multiple generations, and Bill participates in the active management of those investments through a family office based in Perrysburg, Ohio.
Sean M. O’Donnell, CFA
Sean is a Principal with the Customized Fund Investment Group of GCM Grosvenor based in Birmingham, Michigan. GCM Grosvenor is one of the world’s largest and most diversified independent alternative asset management firms, with over $44 billion in assets under management. Sean has primary responsibility for six Michigan-focused funds which include over $600 million of private equity capital in a broad range of regionally-targeted fund investment, co-investment and direct investment strategies. Prior to joining the Customized Fund Investment Group in 2009 (then a group within Credit Suisse), Sean was a Vice President with Donnelly Penman Capital LLC and responsible for the firm’s private and public investment activities. Sean began his career in Detroit with Deloitte Corporate Finance in 2001. Sean holds an MBA from the University of Michigan, with distinction, a BA from Michigan State University, with high honors, and is a CFA charter holder.
About Plymouth Venture Partners III, L.P.
Fund III is a follow-on fund to Plymouth Venture Partners I and II, which have collectively invested in 39 companies since 2003. Plymouth Venture Partners III invests in growth stage companies in the Great Lakes region.
About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture Partners II, and Plymouth Venture Partners III. The company has four partners, Mark Horne, Ian Bund, Jeff Barry, and Kevin Terrasi. It is headquartered in Ann Arbor, Michigan. For more information, please visit www.plymouthvc.com.