Governor Jon M. Huntsman Jr. signed Senate Bill 11, which tripled the size of the Utah Fund of Funds http://www.utahfundoffunds.com/ , in a public ceremony Thursday at 3 p.m. in the Gold Room at the Utah State Capitol building.
The bill, which passed unanimously in the Utah House of Representatives and by an overwhelming 68-2 margin in the Senate, was designed to enhance the quantity, quality and diversity of capital available to Utah growth companies. The initial Fund of Funds legislation created a $100 million Fund I through contingent tax credits. SB 11 increased that level to $300 million, by approving $200 million in additional contingent tax credits.
The Utah Fund of Funds program invests in quality venture/private equity firms in Utah and throughout the U.S., which in turn explore investments in promising Utah companies.
“This is a great victory for the entrepreneurs driving our state’s economic growth,” said Governor Huntsman at the signing. “Make no mistake about it – Utah is a state of entrepreneurs,”
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