With three years of audited returns of 11%, the private credit platform gains institutional backing to support next-stage growth
PORTLAND, Ore.–(BUSINESS WIRE)–$FNWB #accreditedinvestors–Meriwether Group Capital announced today that its flagship Hero Fund has been approved as an investment vehicle by the State of Oregon. The decision follows a comprehensive due diligence process led by Meketa Investment Group, one of the nation’s leading institutional investment consultants. The State has committed an initial investment of $3 million, with the option to increase that amount to $5 million over the next 12 months.
Launched in April 2022, the Hero Fund has delivered an average net annualized return of approximately 11 percent since inception—outperforming its 10 percent target in every quarter. It currently manages 18 loans to founder-led, community-anchored growth-stage businesses often overlooked by traditional lenders.
“This commitment by the State of Oregon is a major milestone for Meriwether Group Capital because it further validates our founding thesis that a class of innovative, values-driven entrepreneurs need more options than traditional banks, angel investment, or private equity to fund growth,” said Jamie Shulman, co-founder and fund manager of Meriwether Group Capital. “Our team brings the experience and relationships to identify and vet these underserved small and emerging business owners in a way that proves, with the right lens, institutional grade financial performance can be found in Pacific Northwest entrepreneurship that can also drive economic growth.”
The Hero Fund benefits from a strategic relationship with the Meriwether Group, an advisory firm founded in 2004, trusted by companies including Dave’s Killer Bread, Stumptown Coffee, Pendleton Woolen Mills, Voodoo Doughnut, and others. That affiliation provides differentiated deal flow, mitigates portfolio risk, and underscores a founder-first perspective to underwriting and partnership. The fund is also supported by a strategic partnership with publicly traded First Fed (NASDAQ: FNWB).
The Meriwether Group Capital Hero Fund joins a class of investment vehicles approved for the Oregon Growth Board—a State of Oregon program administered by Business Oregon that allocates state lottery profits to spur economic development, support underrepresented communities, and enhance educational programs statewide.
“The Hero Fund and its partners have a strong and demonstrated history of supporting Pacific Northwest businesses aligned with the goals of the Oregon Growth Board,” said Sophorn Cheang, Director of Business Oregon. “The Board was established to invest in high-growth, innovation-driven companies in underrepresented, rural, and consumer‑product sectors across Oregon that will generate returns and drive economic development. The Hero Fund’s commitment to local, founder-led businesses is an ideal fit for investment.”
Meriwether Group Capital aims to grow the Hero Fund’s assets under management from nearly $22 million to $50 million in its next phase. The fund’s limited partners include a mix of individual and institutional investors spanning foundations, family offices, registered investment advisors (RIAs), strategic funds, and more.
About Business Oregon
Business Oregon is the state’s economic development agency that invests in Oregon businesses, communities, and people to promote a globally competitive, diverse, and inclusive economy. Business Oregon houses eight boards and commissions that are responsible for a broad range of public finance, business finance, entrepreneurial, investment, arts, and cultural portfolios. One of those is the Oregon Growth Board— an innovative initiative that invests state lottery profits to empower entrepreneurs, attract investors, and support sustainable growth, inclusion, and innovation in Oregon businesses. By harnessing the power of strategic investments and capitalizing on partnerships, this program helps Oregon businesses grow and reap the benefits.
About Meriwether Group Capital
Meriwether Group Capital is a commercial lender with a focus on Pacific Northwest businesses seeking loans outside the criteria for traditional banking. Founded in 2022, its Hero Fund serves companies with $2 to $75 million in revenue in need of $0.5 to $5 million to capitalize on business opportunities and realize their potential while maintaining equity and control. The Hero Fund is led by commercial banking veteran Jamie Shulman. Its partners include Seattle-based First Fed Bank, a division of First Northwest Bancorp (Nasdaq: FNWB), and Portland-based Meriwether Group. Meriwether Group Capital was named to the Portland Business Journal’s list of Fastest-Growing Private 100 Companies in 2025. It’s located in the Slabtown neighborhood of NW Portland and can be reached at 503-223-9062. For more information, visit www.meriwethergroupcapital.com.
Contacts
Media contact:
Ryan Leverenz
Leverenz & Associates
503-480-5096 mobile
ryan@leverenz.com
