Utah Fund of Funds
OVERVIEW The Utah Fund of Funds (UFOF) is a public-private partnership developed by the Utah Legislature to provide the state’s entrepreneurs with access to a broad array of venture and private equity funding sources. With a charter of $300 million approved by the Utah State Legislature, the fund invests in quality venture capital and private equity funds, which in turn explore investments in promising Utah growth companies. This brief overview is for information purposes only. The UFOF’s formal report, pursuant to 63M-1-1206, will be provided directly to the legislature according to statute. Since the partnerships inception more than 800 funds have applied to the program, from which 28 qualified venture capital or private equity firms have been selected for investment as UFOF portfolio funds, including eight funds with headquarters in Utah. Out of state portfolio funds commit to spend a predetermined number of days in Utah to review and consider investment in Utah companies, thereby helping to establish networks and build support for Utah funds, entrepreneurs, companies and business leaders focused on expanding Utah’s economy.
In addition to investing in venture capital and private equity funds, the UFOF conducts a number of economic development training and networking events throughout the year, including the annual UFOF Medical Device Symposium and the annual UFOF Middle Market Symposium. The fund Utah Fund of Funds annual Medical Device Symposium. conducts one-on-one consulting sessions with Utah entrepreneurs focused on helping entrepreneurs navigate the uncertain fundraising waters, and when appropriate, access UFOF portfolio funds.
Governor’s Office of Economic Development • 2012 Annual Report • www.business.utah.gov
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