Bank of Boston invests $10 million in Commonwealth Capital Ventures L.P.

BOSTON--(BUSINESS WIRE)--Sept. 22, 1995--Bank of Boston Corp. announced today that BancBoston Capital, its equity investment subsidiary, has committed $10 million to Commonwealth Capital Ventures L.P., a private venture capital fund which provides equity financing for Massachusetts-based growth companies seeking funding for start-up operations, business expansion and acquisitions.

Commonwealth Capital Ventures L.P., based in Wellesley, Mass. was initially funded with $51 million of commitments from the Pension Reserves Investment Management Board ("PRIM"), the Massachusetts State Teachers and Employee Retirement System ("MASTERS"), and General Partners Michael T. Fitzgerald, Jeffrey M. Hurst and R. Stephen McCormack.

The fund was formed earlier this year under the leadership of State Treasurer Joseph D. Malone. According to General Partner Michael T. Fitzgerald, "The primary goal of the fund is to achieve a superior, long-term rate of return on the state's pension fund investment, as well as the Bank of Boston's capital. Our focus on Massachusetts is unique, and the Bank of Boston will certainly help us identify and respond to quality investment opportunities across the state. Their commitment is a major endorsement of our strategy."

Treasurer Malone added, "We are rightfully proud that Massachusetts is one of the few states in the country which has the capability to form an economically viable in-state venture program. Today, we are doubly proud that one of Massachusetts' leading institutional investors, Bank of Boston, has joined our partnership."

Chad Gifford, chairman of Bank of Boston, noted, "We are pleased to be a partner providing both capital and service in this investment with the State pension funds, which reaffirms our commitment to helping foster business and economic growth in Massachusetts."

BancBoston Capital and its affiliates provide a wide range of equity and mezzanine capital offerings ranging from early stage venture capital, to equity and mezzanine capital for buy-outs, recapitalizations and expansion. A subsidiary of Bank of Boston Corp., BancBoston Capital has invested more than $1 billion in 250 companies since 1959 from a wide range of industries throughout North America and Europe.

Bank of Boston Corp. (NYSE: BKB), with assets of $45.3 billion as of June 30, 1995, is one of the top 20 banks in the nation. New England's only global bank, Bank of Boston offers comprehensive personal, corporate and global banking through a network of 500 offices across the U.S. and through its presence in 23 countries around the world, the third-largest overseas network of any U.S. bank. The corporation's common and preferred stocks are listed on the New York and Boston stock exchanges.

CONTACT: Bank of Boston

Edward J. Russell, 617/434-6883