Covington Strategic Capital Fund Inc. says it has successfully completed of the previously announced acquisition of Financial Industry Opportunities Fund (FIO Fund).

The acquisition was completed through an asset purchase transaction whereby Covington SC Fund acquired substantially all of the net assets of FIOF and shareholders of FIO Fund became shareholders of Covington SC Fund.

The assets acquired from FIO Fund had a net asset value of approximately $5 million, increasing the total net asset value of Covington SC Fund to approximately $13.5 million. A total of approximately 602,000 Class A shares of FIO Fund were acquired by Covington SC Fund.

Covington Group of Funds manages over $450 million in venture capital assets on behalf of 160,000 retail investors.