ProSearch is excited to be partnering with Maine Venture Fund in their search for a new Managing Director. The Small Enterprise Growth Fund, doing business as Maine Venture Fund, invests in dynamic Maine businesses that have the potential for significant growth and impact in Maine. The organization is led by the Managing Director and guided by a Board of local, successful business professionals.
The Managing Director’s primary purpose is to work with the Board of Directors and staff to make equity and near-equity investments in Maine-based companies from which the Fund can eventually exit with a strong return on investment, and to work with these portfolio companies to drive growth and profitability, resulting in quality, stable employment opportunities for Maine citizens, thereby contributing to Maine’s innovation economy.
Invest Fund Capital
Recommend to the board investments in Maine companies which have the potential to significantly scale and contribute to the Maine economy:
- Deal sourcing & marketing – network, maintain relationships with the wider venture capital community, Maine Technology Institute, the Department of Economic and Community Development, economic development agencies, incubators, Maine Angels, private angel investors and other related groups to source high quality investment opportunities for the Fund from a diversity of sectors and founder backgrounds; Maintaining a broad network and being a leader in support of Maine’s innovation and entrepreneurial economy.
- Deal screening – seek opportunities with companies of interest whether through proactive outreach or reactive review; work independently, but also in collaboration with team members and Board members in a diligence process to review business plans, financials and other relevant aspects of the business; present investment opportunities and recommendations for the Board’s consideration.
- Deal negotiation – negotiate terms of investment, craft term sheets if necessary; coordinate with co-investors and counsel; make presentation and recommendation to the SEGF Board.
- Deal documentation – negotiate definitive documents with the company and/or with co-investors; review, edit, and direct all closing documents, coordinate closely with the closing attorney.
- Deal monitoring – exercise observer rights by attending Board meetings; develop and maintain relationship with Portfolio company Board and management teams; ensure receipt of all Board materials; communicate issues to appropriate MVF Board members.
- Portfolio company support – provide resources to companies as needed, including working to fill Board seats.
- Maintain relationship with SEGB by keeping Chair, Vice Chair and/or subcommittees apprised of portfolio company activity and work with same to shape recommendations for the full Board.
- Analyze and make recommendation to SEGB on company requests for waivers and amendments to investment documents, including follow-on investments.
- Aid in securing follow-on rounds, and in driving exits for portfolio companies.
Manage constituent relationships:
- Legislature and Governor:
- Ensure the Fund and Board stay within authorizations provided by Statute and Rule.
- Be responsive to MVF’s legislative oversight committee (IDEA), the Governor’s Office, and any other legislative body or member seeking information.
- Coordinate with FAME’s Legislative Liaison to ensure Fund is well represented in Augusta and issues are proposed or addressed.
- Innovation & entrepreneurial ecosystem:
- Work actively and collaboratively with the other legitimate entities engaged in driving economic development through innovation (e.g., Maine Technology Institute (MTI), Coastal Enterprises (CEI) , incubators, small business development centers, economic development agencies, etc).
- Staff & Board:
- Work with and recommend to MVF Board staffing needs and configuration
- Hire, review, and manage fund staff and operations
- Work collaboratively with board to leverage board members experience and expertise ? Establish annual budget for approval by the Board ? Maintain a strong focus on social impact, including that for the broader Maine public and for underserved communities
The Managing Director role requires the following:
- Strong financial and accounting analytical skills coupled with deep curiosity and a creative mindset
- Experience in operating business in a position of authority and control
- Knowledge of and extensive experience with corporate securities and investment agreements
- The ability to network and work collaboratively with other entities
- Strong interpersonal, public speaking and public relations skills
- Proficiency with software and other analytic tools
- MBA, Masters in Economics, or equivalent
- Preference given for private equity investment experience and or successful (or failed then successful!) entrepreneur
- Must live full time in the state of Maine
This is an excellent opportunity to be part of a team that is directly impacting the Maine economy.
The salary for this role will depend on experience and includes full benefits.