ICIC History
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During its 2002 session, the Iowa Legislature enacted an economic stimulus measure designed to encourage private venture capital investment in communities throughout Iowa.
To facilitate this goal, the Legislature authorized the formation of the Iowa Capital Investment Corporation (ICIC), a state chartered independent not-for-profit corporation organized under Iowa Code Chapter 504A and acting in the interests of the State of Iowa -- and the Iowa Capital Investment Board (ICIB).
In 2005, the Iowa Legislature adopted technical corrections to the statute. And in that year ICIC engaged Cimarron Capital Partners, LLC as the professional manager of the Iowa Fund of Funds. The Fund of Funds raises private investment capital supported by $100 million in contingent state tax credits.
Today, the Iowa Fund of Funds has closed on committments of capital to three venture funds in life sciences, medical services, information technology, and later stage manufacturing, distribution and services. Preliminary commitments have been made to an additional five venture funds. The first investment by an ICIC-supported venture fund in an Iowa company was made in 2007.
In partnership with Iowa’s banking industry, ICIC has separately helped to launch a $45 million New Markets Tax Credit fund.
ICIC has done all this without State appropriations, while carefully coordinating work to enhance the parallel efforts of the Iowa Department of Economic Development, the Regents universities, the local investing community, Iowa’s technology and industry associations, and local entrepreneurs.
ICIC's vision is to help build a thriving Iowa entrepreneurial ecosystem in which an evergreen, self-sustaining Iowa fund of funds and its partner venture funds play an important role.