Utah Fund of Funds
OVERVIEW The Utah Fund of Funds (UFOF) is a major economic development program created by the Utah Legislature to provide the state’s entrepreneurs with access to a broad array of quality funding sources. With a charter of $300 million approved by the Utah State Legislature, the fund invests in quality venture capital/private equity funds, which in turn explore investments in promising Utah entrepreneurial growth companies. As of July 2011, more than 700 funds have applied to the program, from which 28 high-quality venture capital/private equity firms had been selected as portfolio firms, including seven from Utah. Partners at out-of-state firms commit to spend a predetermined number of days in Utah, helping the fund build a strong network of Utah business leaders, entrepreneurs and companies. The UFOF also conducts a number of economic development training and networking events including the annual Utah Fund of Funds Medical Device Symposium and the Annual Utah Fund of Funds Middle Market Symposium. The Medical Device symposium, presented each spring, attracts world-class investors, innovators, physicians and students. The panels focus on fundraising. This year, the UFOF partnered with Stoel Rives, USTAR and GOED for the event which was held at the Marriott City Center. Attendance was great and feedback positive for the third year in a row. Participants appreciated the realistic and pertinent information provided by the world-class presenters. The Utah Fund of Funds is governed by a private and public board. Both boards have added new members this year and the Utah Fund of Funds is pleased to welcome the new members to the Utah Capital Investment Corporation, including Mel Lavitt, and Ed Esber and a new member to the Utah Capital Investment board, Taylor Randall.
Governor’s Office of Economic Development • Annual Report • www.business.utah.gov
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