Mr. Campbell recognized the need to provide capital for the growth of start-up companies incubated by Techfarm Management, Inc. In 1997, Mr. Campbell and a group of fund managers raised TechFund Capital, L.P., a $23 million venture capital fund focusing on investments in expansion stage information technology companies. They also managed a $20 million program sponsored by Chase Capital Partners that co-invested with TechFund Capital, L.P. In 1999, the TechFund fund managers raised TechFund Capital II, L.P., a $70 million venture capital fund with a similar investment focus, and began managing a $66 million co-investment program sponsored by Chase Capital Partners.

Once the fund managers had completed initial investments in substantially all of the TechFund Capital II portfolio companies, they began discussing the investment focus for a planned TechFund Capital III. A number of the fund managers wished to expand the focus of the planned fund to include investments in foreign companies. Mr. Campbell wished to maintain his focus on domestic companies and chose to found Techfarm Ventures in late 2000.