Getting to Know the Utah Fund of Funds
Part V: Progress and Future of the Utah Fund of Funds
By Jeremy Neilson and Kimball Thomson
<< Read the first article: Part I: A Local Habitation and a Name
<< Read the second article: Part II: Structured for Maximum Impact
<< Read the third article: Part III: A Portfolio with Purpose
<< Read the fourth article: Part IV: The Importance of the Utah Fund of Funds: Entrepreneurial Voices
The first installment of this series provided an overview of the UtahFoF; the second described the program's structure and financing; the third described the program's current portfolio of the venture/private equity funds; and the fourth described the importance of the Utah Fund of Funds, from the perspective of leading Utah entrepreneurs and national investors. This final installment will discuss the program's progress to date, with a brief look to its future. The entire series can be accessed on the UtahFoF website under "In the News" or through the following link: http://www.utahfof.com/ufoff_story.html.
The Utah FoF was created by the Utah Legislature in 2003 with the passage of House Bill 240 - the Venture Capital Enhancement Act - is to increase the amount, quality and diversity of capital funding available to help Utah's early-stage and growth companies to grow, prosper and mature in the state.
In its first several years of existence, the Utah FoF is already bringing powerful economic impact to the state. As of May 30, 2007, the Utah FoF portfolio of 12 funds has invested in 20 Utah companies. In aggregate, these companies have received a total of $45,903,990 from the UtahFoF portfolio of investment firms, and a total of $265,692,143 from all investors. In total, these companies have 729 Utah employees, with an average annual salary of $76, 217, well over double the state's average 2006 non-agricultural income of $34,600, as reported by the Utah Department of Workforce Services.
In addition to these tangible economic benefits, the Utah FoF is making equally important intangible contributions, including:
- Fostering relationships with a growing number of influential investors throughout the United States, not only for the Utah FoF program, but also for Utah companies and entrepreneurs
- Increasing awareness and credibility of Utah, its companies and entrepreneurs among key influencers in the national and global investment community
- Boosting confidence among Utah's entrepreneurial community in the present and future of the state's companies and economy
As the Utah FoF progresses alongside with the state's entrepreneurial community and economy through future funding rounds, the program will continue to broaden the depth and breadth of its influence, and to empower a growing number of Utah entrepreneurs and companies to propel Utah's economic development for the foreseeable future.
For more information about the Utah Fund of Funds, visit Http://www.utahfof.com or call Jeremy Neilson at 801.521.3072.
Jeremy Neilson serves as managing director for the Utah Fund of Funds. Kimball Thomson is an Alpine-based freelance writer, and president and CEO of Next Phase Communications, an integrated public relations and marketing firm that represents the Utah Fund of Funds.
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