The O.H.I.O. Fund, a private fund investment adviser seeking to generate strong returns while supporting economic growth in Ohio, has reported strong first-quarter momentum, increasing total committed capital to its private funds from $356 million at the end of Q4 2025 to $647 million as of March 31, 2026.
The increase was driven by more than $290 million in commitments from 18 new investors in the firm’s evergreen fund, bringing total investor count to 155. During the quarter, the funds invested $12 million across four new portfolio companies — LainaHealth, BTR Haus, Folio Photonics, and Hyperframe — and made a $25 million follow-on investment in Eagle Wireless as part of its Series B financing. Since launching in June 2024, The O.H.I.O. Fund has deployed $209 million across a diversified portfolio spanning companies, real estate, infrastructure, and fund investments, generating more than $75 million in distributions.
The four new portfolio companies represent a broad cross-section of Ohio’s innovation economy. LainaHealth pairs licensed clinicians with an AI-assisted web platform to expand access and affordability in physical therapy without requiring apps, logins, or wearable devices. Hyperframe is a construction technology company that converts digital construction plans into pre-organized framing kits, enabling faster and more accurate wall construction; as part of the investment, Hyperframe relocated from California to Columbus, Ohio, establishing both headquarters and a manufacturing facility. BTR Haus is a Medina-based developer of modern, maintenance-free rental communities primarily serving downsizers and empty nesters. Folio Photonics, headquartered in Solon, is developing a next-generation optical media platform for enterprise-scale archival storage, positioning multilayer optical discs as a sustainable permanent memory layer for AI data.
Eagle Wireless, the Solon-based cellular module manufacturer that received the fund’s $25 million Series B follow-on, is the only Western cellular module company operating across both the Internet of Things and automotive markets. The investment will support expansion of research and development, advancement of a 5G roadmap, and growth into full device manufacturing, all aimed at helping customers reduce supply chain risk. CEO Mark Kvamme described the $290 million in new commitments as continued momentum behind the fund’s investment strategy and thesis of deploying Ohio-based capital into Ohio-based opportunities, supported by the state’s large and diverse economy.
The quarter’s results reinforce The O.H.I.O. Fund’s position as one of the most active state-focused investment platforms in the country, with a portfolio that spans technology, real estate, advanced manufacturing, and infrastructure and a deployment pace that reflects both the fund’s ambitions and the depth of investable opportunity within Ohio’s economy.
KEY QUOTE:
“The $290 million in new commitments during the quarter represents a significant step forward for the evergreen fund, substantially increasing its capital base in a short period of time. We view this as continued momentum behind our investment strategy and focus on Ohio-based opportunities.”
Mark Kvamme, CEO, The O.H.I.O. Fund
