High and Dry in Arizona

Mark Montgomery – former Microsoft programmer, consultant and founder of a technology incubator – has spent two years setting up Intium Capital and its flagship $250 million venture fund. The plan was to secure a lead institutional investor by December, and then secure commitments from individual investors for a second close in February and a final one in May.

The problem is, after two years of discussion with institutional investors, Montgomery is getting close to his December deadline and has yet to secure a lead investor. In fact, no institutional investors have signed on. And, in recent months, at least two other Arizona-based venture firms have announced plans to raise new funds, raising the question of whether Initium Capital will be left out to dry in the desert.

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