R. Carol Casey, 1998; Michael S. Panos, 1998; Dorothy E. Brunson, 2000; Homer O. Elseroad, Ed.D., 2000; Ernest J. Glinka, 2000; Richard C. Hackney, Jr., 2000.
Ronald M. Blank, Manager
217 East Redwood St.
Baltimore, MD 21202
The Maryland Venture Capital Trust was formed in 1990 (Chapter 222, Acts of 1990). The Trust provides an opportunity for Maryland State and local public pension funds and the State of Maryland and its political subdivisions to invest a portion of their funds in venture capital investments. The Trust has sold $19.1 million of beneficial interests, consisting of $15 million from the State Retirement and Pension System; $2.1 million from the Fire and Police Employees' Retirement System of the City of Baltimore, and the Employees' Retirement System of the City of Baltimore; and $2 million from the State of Maryland.
As a limited partner, the Trust invests in newly formed and existing venture capital funds which, as part of their overall investment strategy, will ensure that a majority of Trust funds are invested in Maryland business enterprises that are in the initial stages of development. Since July 1992, the Trust, in its role as a "fund-of-funds," now has committed its entire $19.1 million in eight venture-capital partnerships: Catalyst Ventures ($3 million); Oxford Bioscience Partners ($3 million); Edison Venture Fund III ($3 million); GroTech Partners IV ($3 million); Calvert Social Venture Partners ($2 million); TDH III ($2 million); Kitty Hawk Capital L.P., III ($1.6 million); and Tri-Tech Partners ($1.5 million).
The Board of Trustees of the Trust has seven members. They are named to four-year terms by the Governor with Senate advice and consent (Code 1957, Art. 83A, secs. 5-301 through 5-309).
July 10, 1998
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