Since completing its fund-raising, Sorenson Capital already has its sights on eight companies in Utah, another 12 in Colorado and Arizona and one in California.

"But in Utah we've been pleasantly surprised at the broad array of excellent companies that we've found across the state," Bullock said. "And while we can't talk about any specific company, we've looked at companies in technology industries and we've also looked at various traditional industries, manufacturing industries here in the state."

It's Sorenson Capital's focus on investing in and growing Utah businesses that draws praise from Gov. Olene Walker.

"I'm ecstatic we are increasing capital to grow Utah companies," Walker said in an e-mail to the Deseret Morning News. "This is symbolic of my efforts to grow quality jobs in Utah, and it will benefit citizens immeasurably in this state."

The Sorenson Capital team brings a wealth of experience in management, investment and due-diligence.

"When they go in to a company and work with them it's not just money," Sorenson said. "It's all of these other skills that make a company and its future much more dynamic and bright."

Young, a BYU law school graduate, co-founded Found Inc. with Richard Lawson, also a managing partner of Sorenson Capital, who holds a master's of business administration degree from Harvard Business School and has international banking experience with Morgan Stanley Dean Witter.

After Found Inc., Young went on to become a founding member of Northgate Capital LLC, a fund of funds business with $350 million under management.

"That was great, because we were able to rub shoulders with all the top venture firms in Silicon Valley," Young said. "I learned very quickly being around these kind of people what the business was like, what qualities you you needed to have to be successful. I didn't get an MBA, but I'm quickly becoming an MBA."

Sorenson Capital's other managing partners include Ron Mika, a managing director of Bain Capital from 1996 through the founding of Sorenson Capital who also holds an MBA from Harvard Business School, and Tim Layton, former managing director of Alpine Consolidated and co-founder of InStar Services, an insurance restoration firm, and MC2, a tradeshow exhibit manufacturing company.

"They have great networking capabilities, and they are very astute at originating opportunities," McCrary said. "It was a combination of our view of the area, which was underserved and also experiencing high economic growth, that got us interested."