Fund of Funds

Fund of Funds | Portfolio

ICIC accomplishes the purposes expressed in its enabling legislation (Iowa Code §§ 15E.61) — to help emerging, expanding, and restructuring Iowa companies, including enterprises in the life sciences, advanced manufacturing, information technology, and value-added agriculture areas — via the organization and management of the Iowa Fund of Funds.

In 2005 ICIC engaged Cimarron Capital Partners, LLC as the professional manager of the Iowa Fund of Funds program. The program, which raises private investment capital supported by $100 million in contingent state tax credits, operates without State appropriations.

The Iowa Fund of Funds brings venture equity capital and venture expertise to Iowa entrepreneurs by investing in carefully selected venture capital funds. Each fund works in the state of Iowa with Iowa entrepreneurs and in so doing bring expertise, networks, capital, and good investing practices to local firms.

Today, the Iowa Fund of Funds has committed capital to three venture funds in life sciences, medical services, information technology, media, and later stage manufacturing, distribution and services. Preliminary commitments have been made to four additional funds. The first investment by an ICIC-supported venture fund in an Iowa company was made in 2007.

These investments are expected to create jobs for Iowans and help to diversify the state's economic base.

Additionally, the Iowa Fund of Funds reduces the inherent risks of venture capital by diversifying: investing over time in high quality venture funds with a variety of industry interests, investment stages, and geographical locations.