The Maine Venture Fund announced on Tuesday that Brien Walton, CEO of Acadia Capital Management and a nationally recognized social impact investment strategist, has been appointed to chair the organization’s board of directors.
Walton is the first African American to hold that position.
Because the Maine Venture Fund is a state-sponsored entity, Gov. Janet Mills appoints the board members. Gov. Mills appointed Walton to the board in 2020.
“I want to thank Governor Mills for appointing me to the Maine Venture Fund board and for the opportunity to serve the state,” said Walton. “I also want to thank my fellow directors for selecting me to chair the board. As the first African American to serve as the chair of the Maine Venture Fund, I want to encourage entrepreneurs from diverse backgrounds to start and grow businesses in Maine or to pursue careers as investment professionals in ways that stimulate regional and national economic growth.”
Walton is the CEO of Acadia Capital Management L3C, a nationally certified Community Development Entity that advises government agencies, municipal leaders, and social impact funds on leveraging public and private resources that maximize economic growth and permanent job creation in Opportunity Zones and economically distressed communities. He is also the director of the Richard E. Dyke Center for Family Business at Husson University, where he has led initiatives analyzing the challenges of Maine’s entrepreneurs and developed a collaborative innovation ecosystem between academia and the business community.
“I appointed Brien to the Board because of his vast experience managing a technology-focused venture capital fund and his reputation for creating innovative business strategies for high potential companies,” Gov. Mills said in a statement. “The depth of his knowledge and experience make him an excellent choice to chair the board and spearhead our efforts to help businesses grow and stay in Maine.”
As part of Walton’s work with MVF, he engages with the state legislature about banking and financial initiatives. He facilitates collaboration with regional economic development agencies, social impact foundations, state-sponsored venture capital funds throughout New England, and national private equity firms with a social impact focus.
“We’re fortunate to have a leader of Dr. Walton’s caliber chairing our board of directors,” said Joe Powers, Maine Venture Fund’s managing director. “We have developed an excellent rapport since he joined the board, and his extensive investment and business development experience make him the ideal person to help maximize the fund’s assets for the benefit of all Maine citizens, especially in this era of increased collaboration between state and federal government.”
Funded by the state as a revolving “evergreen” fund, MVF has invested over $25.2 million in small businesses since the fund’s inception in 1997 and has attracted over $200 million in outside investment into Maine. MVF has made 155 investments in over 80 companies, which has created over 900 jobs for Maine residents. MVF plans to further expand access to capital, especially for underrepresented founders.
