The Iowa Capital Investment Corp. (ICIC) has committed $5 million to OCA Ventures, a Chicago-based venture capital firm, Gov. Chet Culver announced today. The ICIC’s commitment was made through the Iowa Fund of Funds program, a $100 million initiative to expand the state’s venture capital industry.

OCA Ventures is currently building an in-state referral network in Ames, Cedar Rapids, Des Moines and other Iowa cities, James Dugan, the company’s CEO and managing partner, said in a release.

The firm manages more than $90 million of capital commitments and has invested in 26 companies since it began investing in 1999. Its OCA II fund will focus primarily on core technology platforms and technology-enabled business and consumer services, with emphasis on the financial services and for-profit education sectors.

“What OCA finds compelling about Iowa is the technology innovation coming from Iowa universities as well as its technology development in the private sector,” Dugan said. The firm served as a sponsor of the recent Iowa Venture Capital and Entrepreneur Conference and will be an active participant in other events promoting Iowa companies.

OCA Ventures is the sixth venture capital firm in which the Iowa Fund of Funds has invested since its creation in 2005. Bank loans and private investments capitalize the program, which is supported by contingent tax credits authorized by the state. The Fund of Funds is managed by Cimarron Capital Partners LLC.

More information about the Iowa Fund of Funds is available at the ICIC’s Web site, www.investiowa.com.