The Utah Fund of Funds, a major Utah economic development program designed to maximize the diversity and quality of capital available to Utah entrepreneurs and growth companies, yesterday announced that it has retained LP Capital Advisors (“LPCA”) as the primary investment advisor for the program.

Utah FoF engaged LP Capital Advisors to help the program accelerate its mission of fostering growth in Utah’s entrepreneurial economy. The Utah FoF management team will continue to manage the program’s direction and strategy, with primary support and direction from its two boards of directors: the volunteer, private Utah Capital Investment Corporation (UCIC); and the public Utah Capital Investment Board (UCIB).

LP Capital Advisors will provide specialized expertise to the Program, including:

• Providing high-level strategic advice on key investment and financing issues
• Performing due diligence and providing recommendations on prospective Utah FoF portfolio venture capital/private equity funds
• Helping attract the attention and involvement of marquee national funds
• Providing key information about the Program to members of the Utah legislature and leaders in the state’s entrepreneurial and higher education communities

“We feel extremely fortunate to be able to tap into the deep expertise of LPCA’s principals,” said Jeremy Neilson, managing director of the Utah Fund of Funds. “Their successful experience advising major investment organizations such as CALPERS will help fuel the growth of the Utah Fund of Funds program and the entrepreneurs we serve.”

The Utah FoF program was created by the Utah legislature with an initial charter of $100 million to invest in quality venture capital/private equity firms, which in turn explore investments in promising Utah entrepreneurial growth companies. In the 2008 session, the state legislature augmented the Program with an additional $200 million. There are currently 20 firms in the Utah FoF portfolio, and the Program is exploring potential relationships with additional capital providers.

“LP Capital Advisors is an ideal strategic partner to help us leverage and extend the growth of the Utah Fund of Funds,” said Will West, CEO of Control4 and chairman of the UCIC. “Access to LP’s extensive network of top funds and industry luminaries from throughout the U.S. will help Utah’s entrepreneurial economy grow toward greater maturation and critical mass.”

West also credited Fort Washington, Utah FoF’s investment advisor for it Fund I, with helping the program progress to its current level. “Through its mentoring and expertise, Fort Washington played a key role in the Program’s rapid maturation into one of the nation’s most respected programs of its kind,” he said. “Their influence has enabled our board and management to move to the next level of economic development.”

By further increasing the capital available to Utah entrepreneurs, Utah FoF leadership anticipates that LP Capital Advisors will help the Program assist Utah growth companies in scaling through multiple funding rounds in Utah, rather than being required to move to other locales that currently have greater funding options.

“Fund I helped increase the depth and breadth of capital and relationships available to Utah entrepreneurs and growth companies,” said Neilson. “Fund II will allow us to serve an even more diverse group of entrepreneurs in a greater range of industries.”

“Utah is an extraordinarily dynamic economy with a steep growth trajectory and extremely favorable demographics for private equity investing,” said Donn K. Cox, founder and managing director of LP Capital Advisors. “We are honored and excited to work with the Utah Fund of Funds and participate in helping propel the ongoing evolution of the state and its entrepreneurs.”