ANN ARBOR (WWJ) — Plymouth Ventures announced today the launch of Plymouth Venture Partners III.

With a fund size targeted at $60 million, PVP III will continue to execute on the same strategy and focus as PVP II. The fund will invest in growth stage businesses in the Great Lakes region.

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After two months of initial fundraising, the new fund completed a $31.6 million first close, with a total of $39 million in signed commitments.

“It’s a great time to invest in this region, and we are seeing a steady flow of interesting new opportunities,” managing partner Mark Horne said. “This strong first close will allow us to seamlessly move from Fund II to Fund III, and continue to invest without interruption.”

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Plymouth Ventures also announced the formation of the PVP III Advisory Committee. The initial committee is made up of four PVP III Limited Partners and will expand up to seven at the final close, expected in May or June.

Included on the committee are career commercial banker Michael T. Monahan, middle-market private equity executive and former Masco Corp. executive Gerry Boylan, longtime investment adviser William Foster, and Sean M. O’Donnell, a principal with the customized fund investment group of GCM Grosvenor, an independent alternative asset management firms, with over $44 billion in assets under management.

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Plymouth Venture Partners I and II have invested in 39 companies since 2003. More at