Columbia-based TEDCO has selected Recast Capital, a platform to invest in and support emerging managers in the venture capital sector, to help identify 3-4 traditionally underrepresented early-stage venture capital fund managers.
Recast will review and recommend venture fund managers that can manage and invest up to $10 million U.S. Department of the Treasury State Small Business Credit Initiative funds on behalf of TEDCO.

The platform’s focus areas include generating returns via diversified exposure to emerging managers in venture; providing investors with a unique information advantage in venture; and democratizing access to information to empower the emerging manager community.

“Here at TEDCO, we know it takes time, effort and resources to truly foster an inclusive and entrepreneurial innovation ecosystem,” said TEDCO CEO, Troy LeMaile-Stovall. “Our VCLP strategy is focused on connecting with first-time, underrepresented fund managers who actively invest in Maryland. We’re excited to work with Recast Capital, which can connect us to those managers — and ultimately help us enhance economic empowerment across the great state of Maryland.”

Earlier this year TEDCO announced an infusion of up to $50 million in funding from the Treasury State Small Business Credit Initiative. TEDCO’s SSBCI funds will be used to support recipients of TEDCO’s Venture Equity Fund, Seeds Funds Equity program and Social Impact Funds — as well as the $10 million earmarked for the Venture Capital Limited Partner Equity program for which TEDCO has now selected Recast Capital to advise on the allocation of such VCLP funds.

“The next wave of innovation and returns in the venture market will be generated by diverse emerging managers. Fresh perspectives derived from diverse backgrounds is a uniquely competitive advantage in the market,” said Sara Zulkosky, co-founder and managing partner at Recast Capital. “At Recast, we are proud to support emerging managers with the perspectives needed to drive our industry ahead and look forward to assisting TEDCO identify such managers for their programs in Maryland.”