May 23, 2018
Lisa Cox, Communications Manager, Sorenson Impact Center
University Venture Fund — Impact Investing: Student venture fund completes first-round close at $8.2M
SALT LAKE CITY — The Sorenson Impact Center at the University of Utah David Eccles School of Business today announced the successful first-round close of University Venture Fund — Impact Investing (UVF II), an $8.2 million fund that follows on the heels of the original University Venture Fund (UVF). Formed in 2001, UVF was the first and, at one time, the largest experiential student venture fund in the United States. It invested in 24 companies and has experienced 11 exits: five IPOs and six acquisitions. The fund’s second iteration, UVF II, will focus on ventures that seek to “do well while doing good” and pursue impact investments across the equity financing spectrum and will also have the ability to provide innovative financing, such as pay for success and debt-based financings.
"We are happy to announce the close of UVF II, and I would like to thank our investors for their support and confidence in the UVF II team," said Jeramy Lund, Interim CEO of the Sorenson Impact Center and Managing Director of the fund. "We’re excited by the opportunities we see ahead, not just to invest in impactful social enterprises, but to provide students a best-in-class experiential educational experience researching companies and markets, sourcing and screening deals, forming opinions around investment theses and presenting and defending their work regularly to our investment committee."
Initial investors in UVF II include the University of Utah Endowment, the Sorenson Impact Foundation, the George S. and Dolores Doré Eccles Foundation and the Community Foundation of Utah.
Taylor Randall, Dean of the Eccles School of Business at the University of Utah, said, “UVF II provides our students an unparalleled experience to learn from and appreciate the inner workings of a professional-grade investment fund, setting them up for top-notch career placement in venture capital, finance, entrepreneurship and endeavors that focus on a social mission.”
UVF II will invest primarily in the Intermountain West, with some potential to invest in select markets outside of the region. The fund will target assets with different risk and duration profiles in multiple areas of impact, including environmental, workforce services, education, medical technologies, software and others.
“What excites me most about working on UVF II this summer is how it not only allows us students to gain real, meaningful experience, but it's also geographically focused to invest in impact within the Intermountain West,” said Tyler Simpson, a Senior Student Impact Fellow working on UVF II this summer. “It’s one thing to learn about impact, it’s another to see it in your own backyard.”
About the Sorenson Impact Center
The Sorenson Impact Center, housed at the University of Utah David Eccles School of Business, is a think-and-do tank that marshals capital for social good, empowers data-driven programs, breaks down silos across sectors and equips the next generation of leaders with social purpose. To learn more, visit www.sorensonimpact.com