Deutsche Bank commits $100 million to Utah fund
The Utah Fund of Funds was created pursuant to the Utah Venture Capital Enhancement Act to enhance the venture capital culture and infrastructure and increase venture capital investment in the state. The legislation enables the fund to invest in private venture capital funds and not make direct investments in individual businesses, allowing investment professionals to make investment decisions.
The legislation provides $100 million in contingent tax credits to assist the fund in seeking new capital investment. The tax credits will be used as a backstop for investments in the fund to ensure a return on investment. The objective is to repay investors from the fund's long-term performance and not to use the contingent tax credits.
The board will establish investment products and the conditions upon which the contingent tax credit will accrue to investors, only if the rate of return does not meet the pre-set investment goals.
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