The Utah Fund of Funds was created by the Utah Legislature to increase the amount and diversity of capital funding available to high growth, early stage companies in the state in an effort to help them grow, prosper and grow up in Utah. Rather than invest directly in these companies, the program is structured to incent high quality professional venture capital and private equity firms, both in and out of the state, to focus more of their investment efforts on Utah entrepreneurs. The Utah Fund of Funds managing director and team evaluates quality venture firms with the assistance of the program's professional investment advisor. Venture funds that receive Utah Fund of Funds investment dollars commit to work closely with Utah companies and entrepreneurs - with the goal of funding promising deals in the state. The Utah Fund of Funds does not require portfolio funds to open a Utah office or commit to invest specific dollar amounts in Utah companies. Rather, the Fund of Funds requires a commitment by funds' senior management to spend considerable time in Utah meeting with companies in the state.
The Utah Venture Capital Enhancement Act took shape in 2003, in the form of Utah House Bill 240 ("HB 240"). An unfunded legislative workgroup crafted the legislation Led by Representative Peggy Wallace, the Utah Information Technology Association (UITA; now the Utah Technology Council, UTC), economic development leaders, and entrepreneurs. The legislation surprised many observers by passing overwhelmingly through both the Senate and the House in its first year.
In late 2003, Utah's Department of Economic Development (later renamed Governors Office of Economic Development), hired Mr. Jeremy Neilson who was just graduating from a University of Utah MBA program to try to establish and launch the Utah Fund of Funds program. Mr. Neilson was handed the legislation and with the support of two volunteer boards and told to implement the legislation. Mr. Neilson set up the Utah Capital Investment Corporation (UCIC) and quickly became that entities only employee overseen by the Utah Capital Investment Corporation board of directors. Mr. Neilson worked tirelessly on establishing and managing the Utah Fund of Funds (Utah FoF). After legislative tweaks, validating lawsuit, RFP's, financing and more, Mr. Neilson launched the Utah FoF on January 26, 2006 to a standing room only launching event.
Under Jeremy Neilson's leadership, the Utah FoF became the nation's most successful contingent tax credit private equity program and arguably one of the most successful state supported private equity program in the nation. Mr. Neilson was the sole manager and sole strategist for the Utah FoF for 6½ years. In July 2010, Mr. Neilson left the Utah FoF to Uinta Advisors (which was merged into Scalar Partners in late 2010, www.scalarpartners.com), and pursue additional opportunities. Mr. Neilson received extremely strong support from the UCIC board upon his departure through a letter sent to Utah FoF shareholders. At the time Mr. Neilson left the Utah FoF, the program had invested in 28 venture capital and private equity funds, in Utah, throughout the US and even internationally. The Utah FoF had assisted in the creation of over 3,400 jobs with the average salary of $60,000+ that resulting in over $60 M of annual Utah tax revenue. The Utah FoF had a robust matching service that resulted in hundreds of Utah-based businesses getting access to hundreds of venture capital and private equity professionals throughout the world.
Financing
The Utah Fund of Funds $120M financing was provided by a third party, and is backed by refundable, transferable, contingent State of Utah tax credits approved by the Utah Legislature. The program is structured to be financially self-sustaining, with profits from Utah Fund of Funds investments paying back financers. Only in the case of a shortfall would the state be required to place tax credit funds into the Utah Fund of Funds.
Structure
The Utah Fund of Funds is governed by two boards that oversee and report on the fund's activities. The Utah Fund of Funds managing director directs the fund, with support from a professional investment advisor firm.
Are You Looking for Products
Here some products related to "Utah Venture Capital Enhancement Act".
Amazon Jobs..
Amazon Jobs..
Great Work, Great Career:..
Will YOUR Dog Reincarnate..
Get these at Amazon.com* amzn.to is official short URL for Amazon.com, provided by Bitly
Source of the article : here
EmoticonEmoticon