Friday, January 27, 2006

Utah Governor Selects Advisor For Fund of Funds

The State of Utah has selected Cincinnati-based Fort Washington Investment Advisors for its $100M Utah Fund of Funds. Utah has set aside $100M in contingent tax credits as a backstop for investments in the fund, and said that it will capitalize from $100 to $200M in the funds. The intent of the fund is to make investments in private venture capital funds, who are interested in making investments in Utah and who will establish a presence in the state. Fort Washington will reportedly open an office in Salt Lake City to serve the fund.