New venture fund in works.

$250M 'fund of funds' set to roll out in the fall

Fort Washington Investment Advisors could soon have the Tri-State's largest pool of venture capital should it proceed with plans for a new private equity fund that could reach $250 million.

It would be the company's second such fund in a year. In December, Fort Washington, the money management arm of Western-Southern Enterprise, rolled out Fort Washington Private Equity Investors II LP. That fund closed in late June, with between $240 million and $245 million in assets, well above the $200 million its organizers bad set as a target.

The new fund, called Fort Washington Private Equity Investors III LP, "will be on the same scale, possibly slightly larger," said Gus Long, Fort Washington managing director. If created, the fund would be rolled out this fall.

While the combined funds would be the largest venture capital kitty in the Tri-State, Fort Washington does not make the …