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 $200 million approved in 2008 the fund invests in quality venture capital/private equity funds, which in turn explore investments in promising Utah Entrepreneurial growth companies. As of July 2010 more than 500 funds had applied to the Program, from which 28 high-quality venture capital/private equity firms had been selected as portfolio firms, including 8 from Utah. Partners at out-of-state firms commit to spend a predetermined amount of days in Utah, Helping the fund build a strong network of Utah Business leader, entrepreneur 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 fund raising. Attendance for the second year, April 2010, was nearly twice that of the first and the event expanded to include vendor booths and sponsors. Feedback has created a buzz for next year which may include adding diagnostics to the focus. One of this year’s sponsors, Nelson Labs President Jeff Nelson expressed “It is great to have such a powerful tool in the state with the Fund of Funds.” This year’s 6-part training on How to Fund Raise from Institutional investors presents a topic each month at the Miller Innovation Center. Feedback has been tremendous, including comments from entrepreneurs who explain that the information in the presentations was critical and they left each session with lists of tasks they are determined to complete. These presentations are being filmed and are available via webstream. The UFOF is hungry for new opportunities and looks to advance its presence with established companies. In order to create portfolio diversification, the UFOF is increasing its investment portfolio allocation in the buyout industry. In September the UFOF will present our second annual Middle Market Symposium. The 201-event will be sponsored by five leading buyout firms: Fenway Partners, Sorenson Capital, Marwit Capital, Seidler Equity Partners and Peterson Partners. CEOs of
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