Independent Verdict
Ohio Institutional Impact Fund II, L.P. is a verifiable Delaware private investment fund with a clearly identifiable investment manager, operating team and official website.
The fund filed a new SEC Form D on September 18, 2026 under CIK 0002155176.
The filing reports:
Amount Sold: $55,670,000
Investors: 15
Minimum Investment: $500,000
Offering Amount: Indefinite
Federal Exemption: Rule 506(c)
Investment Company Act Exclusion: Section 3(c)(7)
First Sale: September 4, 2026
The SEC filing directly identifies TOF Manager, LLC as the investment manager and The Ohio Institutional Impact Fund II GP, LLC as general partner.
It also identifies Raymond Thomas Leach, Mark Kvamme, Michael Venerable and Jill Meyer in executive or promoter roles.
Public information independently connects TOF Manager, LLC to The O.H.I.O. Fund, whose official website is theohiofund.com.
This gives Ohio Institutional Impact Fund II a strong regulatory and sponsor-verification profile.
The main due-diligence question is not who manages the fund.
That is comparatively clear.
The more important question is how Fund II will invest alongside The O.H.I.O. Fund's existing evergreen investment vehicle and how opportunities, fees and returns are allocated between the different funds.
Key Findings
Issuer: Ohio Institutional Impact Fund II, L.P.
CIK: 0002155176
Entity Type: Limited Partnership
Jurisdiction: Delaware
Formation Year: 2026
Filing Date: September 18, 2026
Filing Type: New Form D
Industry: Pooled Investment Fund
Fund Type: Other Investment Fund
Federal Exemption: Rule 506(c)
Investment Company Act Exclusion: Section 3(c)(7)
Offering Amount: Indefinite
Amount Sold: $55,670,000
Investors: 15
Minimum Investment: $500,000
First Sale: September 4, 2026
Sales Commissions: $0
Finder's Fees: $0
General Partner: The Ohio Institutional Impact Fund II GP, LLC
Investment Manager: TOF Manager, LLC
Principal Address:
1974 E. 66th Street Suite 200-B Cleveland, Ohio 44103
Phone:
330-310-2535
Key Persons:
Mark Kvamme
Raymond Thomas Leach
Jill Meyer
Michael Venerable
Official Website:
theohiofund.com
The O.H.I.O. Fund Connection Is Direct
The relationship between Ohio Institutional Impact Fund II and The O.H.I.O. Fund is not based on a similar name.
The SEC filing directly identifies:
TOF Manager, LLC
as:
Investment Manager of the Issuer.
Independent legal disclosure from Alston & Bird states that it advised TOF Manager LLC, doing business as The O.H.I.O. Fund, on the formation of Ohio Institutional Impact Fund II.
That disclosure also confirms that the fund recently completed its first closing.
This creates a clean chain:
Ohio Institutional Impact Fund II
TOF Manager, LLC
The O.H.I.O. Fund
theohiofund.com
For FilingDossier, that is strong sponsor verification.
$55.67 Million Was Already Sold at the First Filing
One of the most notable features of this filing is the amount raised before the first Form D appeared.
The September filing reports:
$55.67 million sold
to:
15 investors.
That produces an average of approximately:
$3.71 million per investor
if divided evenly.
This does not mean every investor contributed the same amount.
But it does show that the reported investor base is institutional in scale.
The $500,000 minimum investment also supports that interpretation.
Unlike funds that file before their first sale, Ohio Institutional Impact Fund II had already completed a substantial first closing when its Form D became public.
The Offering Is Indefinite
The filing does not disclose a fixed maximum fund size.
Instead, it reports:
Total Offering Amount: Indefinite.
That means investors should not describe Fund II as a $55.67 million fund.
The $55.67 million figure represents capital reported sold as of the filing date.
The final fund size could ultimately be substantially larger.
Future amendments will be important because they may show additional closes and growth in the investor base.
Fund II Is Part of a Larger Ohio Investment Platform
The O.H.I.O. Fund publicly describes itself as an investment platform focused on deploying capital across Ohio.
The strategy includes sectors such as:
Advanced manufacturing
Technology
Infrastructure
Real estate
Healthcare
Consumer businesses
and other Ohio-based growth opportunities.
Alston & Bird states that Ohio Institutional Impact Fund II generally intends to invest alongside The O.H.I.O. Fund's flagship evergreen vehicle, The Ohio High Growth Investment Opportunities Fund.
The legal firm also states that the combined structure allows The O.H.I.O. Fund to deploy approximately $700 million in committed capital across its vehicles.
That is an important distinction.
The approximately $700 million figure refers to committed capital across the broader platform.
It should not be attributed solely to Ohio Institutional Impact Fund II.
Why the Parallel-Fund Structure Matters
The most important structural question is opportunity allocation.
If Fund II invests alongside an existing evergreen fund, investors should understand how deals are divided between them.
For example:
Does each fund invest pro rata
Can one fund receive a larger allocation
Can the evergreen fund invest in opportunities that Fund II does not
Can Fund II invest in opportunities unavailable to the evergreen vehicle
How are follow-on investments handled
How are conflicts resolved when available capacity is limited
These issues are especially important when multiple related funds pursue the same geographic and sector strategy.
The offering documents should contain an allocation policy.
Mark Kvamme and Ray Leach Provide Sponsor Continuity
The O.H.I.O. Fund was co-founded by Mark Kvamme and Ray Leach.
Its official website identifies Mark Kvamme as CEO and Chief Investment Officer.
Ray Leach is also a founding leader of the platform.
The SEC filing for Fund II identifies both individuals directly.
Mark Kvamme has prior experience in venture capital and Ohio economic development, while Ray Leach previously led JumpStart.
The broader founding team also includes Jill Meyer and Michael Venerable, both of whom appear in the Fund II filing.
This gives the new fund continuity with the existing O.H.I.O. Fund platform rather than making it a standalone vehicle with an unknown management team.
The First Fund Provides Historical Context
The original Ohio Institutional Impact Fund, L.P. also has an SEC filing history.
Its earlier regulatory filings used the same phone number and identified Mark Kvamme and Ray Leach.
The first institutional impact fund was part of The O.H.I.O. Fund's original launch structure.
Fund II therefore appears to be a continuation of an existing investment strategy rather than a completely new concept.
However, investors should not assume that performance from Fund I automatically applies to Fund II.
Different vintages may have different:
Portfolio companies
Entry valuations
Real estate assets
Market conditions
Investment periods
and exit opportunities.
Each fund needs to be evaluated independently.
Rule 506(c) Allows Public Solicitation
Ohio Institutional Impact Fund II relies on:
Rule 506(c).
That allows public solicitation, provided investors satisfy applicable accredited-investor requirements and the issuer performs the required verification.
This differs from the more common Rule 506(b) funds that do not generally solicit publicly.
The fund also relies on:
Section 3(c)(7).
That usually points toward a sophisticated investor base involving qualified purchasers.
The $500,000 Form D minimum should therefore not be interpreted as the only eligibility requirement.
Actual investor qualification standards should be confirmed from subscription documents.
What We Think
Ohio Institutional Impact Fund II has one of the stronger sponsor-verification profiles in the current FilingDossier batch.
The SEC filing directly establishes:
CIK 0002155176
TOF Manager LLC
The Ohio Institutional Impact Fund II GP LLC
Mark Kvamme
Ray Leach
Jill Meyer
Michael Venerable
$55.67 million sold
15 investors
and a $500,000 minimum investment.
The official website separately confirms the management team and broader Ohio-focused investment strategy.
The Alston & Bird formation announcement then provides another independent layer confirming that TOF Manager, doing business as The O.H.I.O. Fund, formed Fund II and recently completed a first closing.
That means basic identity verification is strong.
The main investment questions relate to allocation, valuation and strategy execution.
Investors need to understand how Fund II interacts with the flagship evergreen vehicle and how capital is divided among technology, manufacturing, infrastructure, real estate and other Ohio investments.
What Investors Should Verify
Investors should review:
Final target fund size
Current amount raised after the first closing
Management fee
Carried interest
Fund term
Investment period
Portfolio allocation targets
Deal allocation policy
Relationship with the evergreen Ohio High Growth Investment Opportunities Fund
Co-investment policy
Follow-on investment policy
Investment committee structure
Key-person provisions
Current portfolio companies
Current real estate investments
Valuation policy
Fund administrator
Auditor
Custodian
Historical Fund I performance
Realized versus unrealized returns
Concentration limits
Exit strategy
Risk Factors
Geographic Concentration
The investment strategy is heavily focused on Ohio.
Multi-Sector Risk
The fund may invest across very different sectors, including technology, manufacturing, infrastructure and real estate.
Allocation Conflicts
Fund II and related O.H.I.O. Fund vehicles may pursue overlapping investment opportunities.
Private Investment Valuation Risk
Many investments may not have readily observable market values.
Illiquidity
Private fund interests may remain illiquid for many years.
Key-Person Risk
The platform is closely associated with a relatively small group of founding investment professionals.
Economic Concentration Risk
A strategy centered on one state can be affected by regional economic conditions.
Fundraising Risk
The offering amount is indefinite, so the final scale of the fund is not yet known.
Form D Is Not SEC Approval
The filing confirms an exempt securities offering notice.
It does not mean the SEC approved Ohio Institutional Impact Fund II, The O.H.I.O. Fund, TOF Manager, its portfolio companies or expected returns.
Final Assessment
Ohio Institutional Impact Fund II, L.P. is a verifiable 2026 Delaware private investment fund operating under SEC CIK 0002155176.
Its September 18, 2026 Form D reports:
$55.67 million sold
15 investors
$500,000 minimum investment
Rule 506(c)
Section 3(c)(7)
and an indefinite total offering.
The SEC filing directly identifies TOF Manager, LLC as the investment manager and The Ohio Institutional Impact Fund II GP, LLC as general partner.
It also identifies Mark Kvamme, Ray Leach, Jill Meyer and Michael Venerable.
The O.H.I.O. Fund's official website and independent legal disclosures provide additional verification of the manager and strategy.
The strongest research finding is that Fund II is not operating in isolation.
It is part of a broader Ohio-focused investment platform and is expected to invest alongside The O.H.I.O. Fund's flagship evergreen vehicle.
That makes allocation policy and conflict management particularly important.
Before investing, investors should review the private placement memorandum, limited partnership agreement, allocation policy, current portfolio, valuation procedures, management fee, carried interest, investment committee structure, Fund I performance and the legal relationship between Fund II and the broader O.H.I.O. Fund platform.
SEC Form D is a notice filing for an exempt securities offering. It does not constitute SEC approval, endorsement of The O.H.I.O. Fund or a guarantee of investment performance.
Published on FilingDossier: September 20, 2026.
This article is based on publicly available regulatory, legal and company information and is provided for independent research and due-diligence purposes only.