IBCF was founded in 1998 when Barry Conrad and a few others involved in the early stages had the idea of raising a private capital fund exclusively for independent financial institutions. At the time, it was the first first Small Business Investment Company (“SBIC”) specifically designed to be owned by independent financial institutions. After selling the concept and raising investor capital from independent Texas banks, Fund I was raised and licensed by the SBA in 2000. Fund I was capitalized with $23 million of private capital from 56 Texas independent banks allowing it to receive commitments from SBA for up to $46 million of additional investment capital ($69 million of total investable capital).
In 2010, IBCF raised $21 million from 29 Texas independent banks allowing it to receive commitments from SBA for up to an additional $42 million of investment capital ($63 million of total investable capital) and Fund II was born.
With the success of the Fund I and Fund II, IBCF raised $33 million from 39 Texas independent banks and one national bank allowing it to receive commitments from SBA for up to an additional $67 million of investable capital (approximately $100 million of total investable capital) to form Fund III. IBCF is currently investing Fund III and has significant capital left to deploy.
IBCF’s funds are currently managed by Barry Conrad, Tom Hoyt, Bill Miltenberger, Meg Taylor and TIB.