First Capital Group was founded in 1984, with the formation of First Capital Group of Texas, Ltd. Jeffrey P. Blanchard served as the general partner of that venture capital partnership. In 1987, Mr. Blanchard formed First Capital Management Company and assumed responsibility for the investment management activities of Victoria Capital Corporation, the venture capital subsidiary of Victoria Bank & Trust Company. Both First Capital Group of Texas, Ltd., and Victoria Capital Corporation were liquidated at the same approximately time in 1994.

Mr. Blanchard hired Wm. Ward Greenwood in 1995 and together they founded First Capital Group of Texas II, L.P., and its general partner, First Capital Group Investment Partners, L.P. In 2000, they founded First Capital Group of Texas III, L.P., and its general partner First Capital Group Investors 3, LLC.

James A. O'Donnell joined First Capital Group in 2001 upon the formation of First Capital Group of Texas III, L.P. Messrs. Blanchard and O'Donnell started their venture capital investment careers together in 1980 and continued their professional relationship over the last 25 years.

In 2005, Mr. Greenwood resigned from First Capital Group Management Company, LLC, to pursue other business interests. He continues to hold his limited partnership interest in First Capital Group Investment Partners, L.P., and a portion of his memberhip interest in First Capital Group Investors 3, LLC. Messrs. Also in 2005, William Montgomery and Paul Williams became principals of the firm. Blanchard and O’Donnell continue to be responsible for all of the management and investment decisions of First Capital Group.