DURHAM – Kip Frey, a longtime venture capitalist and Triangle entrepreneur, is taking on a new mission.

Frey is the leader of a new venture capital group for Indianapolis-based The Heritage Group, an international conglomerate of companies. The privately held organization is rolling out HG Ventures with Frey leading it.

Frey left Duke University in June where he had been vice provost for innovation and entrepreneurship.

He joined HG as managing director of HG Ventures and executive vice president of new ventures at THG, which is based in Indianapolis, Ind.

“When first approached about joining The Heritage Group, I was struck by its incredible legacy of innovation and entrepreneurship,” Frey said in a statement.

“The Heritage Group crafts groundbreaking customer solutions every single day, and HG Ventures will supercharge innovation across the organization. I could not be more excited to join the THG team.

Frey worked at one time as a venture capitalist at Intersouth Partners in Durham. He also has been an executive at several startups.

No specific size has been assigned to the venture initiative but THG said HG Ventures  “is expected to reach $50 million per year within a short time after launch.”

The mission of the new group is to “leverage The Heritage Group’s long history of innovation in infrastructure, materials, energy and environmental services,” according to THG.

HG Ventures will provide funding as well as related services to its portfolio, THG added.

“The Heritage Group has a long history of developing innovative solutions for its customers, and HG Ventures will further catalyze this entrepreneurial culture,” said Amy Schumacher, THG’s president. “Our aspiration for the new venture arm is to bring THG’s spirit and experience, at scale, to a much broader range of early-stage companies and opportunities.”

About The Heritage Group

The Heritage Group is a privately held portfolio of companies focused on creating long-term value by building world-class businesses. Since 1930, it has managed a diverse set of business units involved in construction and materials, environmental services, specialty chemicals, and energy and refining. With operations in North AmericaEurope and Asia, and a client network that spans the globe, The Heritage Group’s focus is on innovation, quality and service. At the core of this focus is the Heritage Research Group, the world-class research and development facility operating at the cutting edge of new technology to provide new products, processes, and training aimed at improving the way Heritage Group companies serve their clients.

Source: THG website