Smith is One of First to Invest in Local Venture Capital Fund
Citing its ongoing commitment to local and regional economic growth, Smith College has committed $750,000 to Long River Ventures, L.P., a fund that invests in early-stage technology-based ventures in the Pioneer Valley.
The college is one of the first institutional investors in the fund, which aims to exploit the region's intellectual resources by investing in early-stage, high-growth small companies, primarily in the telecommunications, Internet and e-commerce sectors.
Ruth Constantine, Smith's vice-president for finance and administration, described the move as both a sound fiscal decision for the college and a strategic commitment to strengthening the economy of the region in which Smith makes its home.
"We share Long River's commitment to fostering New Economy businesses that can help ensure the overall long-term financial vitality of this area," she noted, "while also securing healthy returns for Smith."
Long River Ventures is affiliated with Village Ventures, Inc., a company that is establishing and helping to manage a network of small regional venture funds, typically in areas served by universities, colleges and research institutes. Village Ventures CEO Matt Harris said his group "is delighted that Smith has decided to make this investment."
In the Northeast, other educational institutions invested in Village Ventures-affiliated funds include Middlebury, Williams and Holy Cross colleges, Worcester Polytechnic Institute and Clark University.
Contact: Laurie Fenlason, email@example.com
May 18, 2001