63M-1-1210 - Investment manager.
63M-1-1210. Investment manager.
(1) After incorporation, the corporation shall conduct a national solicitation forinvestment plan proposals from qualified venture capital investment fund allocation managers forthe raising and investing of capital by the Utah fund of funds in accordance with the requirementsof this part.
(2) Any proposed investment plan shall address the applicant's:
(a) level of:
(i) experience; and
(ii) quality of management;
(b) investment philosophy and process;
(c) probability of success in fund-raising;
(d) prior investment fund results; and
(e) plan for achieving the purposes of this part.
(3) The selected venture capital investment fund allocation manager shall havesubstantial, successful experience in the design, implementation, and management of seed andventure capital investment programs and in capital formation.
(4) The corporation shall only select a venture capital investment fund allocationmanager:
(a) with demonstrated expertise in the management and fund allocation of investments inventure capital funds; and
(b) considered best qualified to:
(i) invest the capital of the Utah fund of funds; and
(ii) generate the amount of capital required by this part.
Renumbered and Amended by Chapter 382, 2008 General Session