Investment fund created in Fairfield
A group of local investors is creating a venture fund to spur investment in Fairfield businesses and companies willing to move here.
The Fairfield Venture Fund I, L.P., seeks to provide capital for the growth of young businesses. According to Maharishi University of Management professor of management and one of the fund’s board members, Anil Maheshwari, the board’s goal is to raise between $2-5 million.
Kenneth Ross, a member of the fund’s board of directors and president of Global I.D. Group in Fairfield, said in a press release that many young businesses have left Fairfield through the years because of a lack of jobs or a lack of investment capital for their projects.
“The exodus of young people from Fairfield and Iowa has resulted in the state ‘graying,’ and Fairfield is no different,” he said. “This fund aims to remedy that situation in Fairfield and will invest in promising local companies.”
Ross noted many local businesses have done well and he hopes the fund will help new businesses grow in the same way. Among the recent success stories he mentioned were Cambridge Investment Research Inc., Reading’s Fun, Telegroup, Vital Images and Copperfield Chimney.
Maheshwari said the minimum investment the board will accept is $50,000 per person, and will be limited to “accredited investors.” He hopes Fairfield will become a local business mecca, the way Silicon Valley in California has become for technology companies.
“We’re not just talking about technology,” he said. “We’re talking about any venture to revitalize entrepreneurial spirit.”
The board of directors consists of Ross, Maheshwari, Robert Daniels, formerly of Copperfield Chimney Supply, businessman Robert Greenfield, M.U.M. trustee Larry Chroman and David Averbach, co-founder of Mango Life Media.
Those interested in learning more about the fund can email Jay Marcus, the fund’s attorney, at