Bioscience

Sun Mountain Capital to establish $200m Arizona fund of funds

September 28, 2009

By Flinn Foundation

[Source: Alt Assets] – The goal of the fund is to attract up to $200m in investment to grow early stage Arizonan businesses,a ccording to a statement. The investment capital will be reinvested into several target venture funds to be channelled into Arizona seed companies. Organisations involved with the fund include Arizona Economic Resource Organization (AERO), the Arizona Department of Commerce, Arizona Technology Council, Greater Phoenix Leadership, Southern Arizona Leadership Council and the Flinn Foundation, as well as several Arizona venture capitalists.

Sun Mountain managing partner Brian Birk said, “Arizona has impressive technical and scientific resources, but it has been challenging for many innovative, Arizona-based companies to find the capital they need to grow. The Arizona Fund of Funds will help alleviate this situation by deepening the local capital pool, Sun Mountain has managed many successful Programs in the past, and Arizona will benefit from our experience. We look forward to working closely with AERO and others in making this Program a success.”

Donal E Cardon, director of the Arizona Department of Commerce, added, “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.”

Based in Santa Fe, New Mexico, Sun Mountain was set up in 2006 and has over $500m in assets under management.

For more information: Sun Mountain Capital to establish $200m Arizona fund of funds