The State of Utah hired Fort Washington Investment Advisors as adviser for the Utah Fund of Funds, said Stephen Baker, vice president of private equity for Fort Washington. The firm will have near full discretion in selecting managers and making other decisions for the fund, Mr. Baker said.
The Utah Fund of Funds was established by the Legislature in 2003 to invest in venture capital and private equity funds making investments in Utah businesses; it has an initial capitalization of $100 million from contingent tax credits, according to a joint press release by Fort Washington and the Utah Capital Investment Corp., which was created to oversee the fund.
Mr. Baker said Fort Washington will help select 10 to 15 managers for the fund of funds. Manager hirings will start sometime in the second quarter. Application materials and information for prospective fund managers is available at http://goed.utah.gov/fund_of_funds/index.html.
Jeremy Neilson, venture manager for the Utah fund of funds, was not available for comment by press time.
