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. The timing is right, and we must be aggressive in securing a stronger economic future and better jobs for Arizonans”.
Sun Mountain Capital was founded by a team of senior investment professionals and currently manages over $500 million in assets.
The list of organizations that backed the programme includes: the Arizona Economic Resource Organization (AERO), the Arizona Department of Commerce, Arizona Technology Council, Greater Phoenix Leadership, Southern Arizona Leadership Council, Flinn Foundation and Arizona venture capitalists.