Sun Mountain Capital to Launch Arizona VC Fund of Funds
Summary
A group of state and local business organizations has retained Sun Mountain Capital to establish, operate and grow a venture capital fund of funds for the State of Arizona.The goal of the fund is to raise approximately $200m and reinvest them in established and experienced venture vehicles which commit to invest in early-stage Arizona companies.Donald E. Cardon, Director of the Arizona Department of Commerce was reported as saying: “Enhancing Arizona’s global competitiveness by accelerating the pace of discovery, innovation and technology business development has never been more critical.“Access to capital is a vital component to the infrastructure necessary for growing Arizona’s innovative companies and attracting top CEOs to choose Arizona for expansion and headquarter relocation.Sun Mountain Capital was founded by a team of senior investment professionals and currently manages over $500 million in assets.