Business Journal: Tribes Create Equity Fund
Two California Indian tribes have joined forces for a $25 million equity fund.
Friday, April 11, 2008
Wells Fargo & Co. and two California tribes have launched First Nations Capital Partners, a $25 million private equity fund. The two investors are the Colusa Indian Community Council and the Rincon Band of Luiseno Indians. The Colusa council operates the Colusa Casino Resort about 50 miles north of Sacramento, and the Rincon Band owns a Harrah’s Resort and Casino in San Diego County. The fund seeks to make investments in 11 Western states and aims for about 10 investments of $2.5 million each. If the fund is successful, a second and potentially much larger fund could follow. The fund isn’t interested in startups or real estate deals. Instead, it’s looking for existing companies with strong finances.