University Venture Fund

“If this had been
available when I was
in school, I’d probably
still be in school.”
- Warren Buffett
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Portfolio
UNIVERSITY VENTURE FUND
The History of University Venture Fund
University Venture Fund began in 2001 with a $500,000 grant from
James Lee Sorenson, a successful local entrepreneur and investor,
who challenged students from the University of Utah to raise a fund.
"I like philanthropy that has the ability to continue to grow and
ultimately become self-sufficient, and return greater benefits to
the community and the recipients,"
James Lee Sorenson
At first, the students developed their deal analysis
skills by doing free due diligence for VC and PE
firms. In 2004, UVF closed on its first round of
funding and made its first investment in BaroSense.
By 2006, the Fund had closed on over $18M in assets
under management, making it the largest fund of its
kind in the country.
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UVF is Comprised of Top Students with Diverse Majors
from Multiple Universities
Senior Associates: 3-5
Associates: 10-12
Interns: 10-15
Schools: University of
Utah, Westminster
College, Brigham Young
University
Average GPA: 3.79
Majors: Finance,
Economics, Biochemistry,
Physics, Strategy,
Engineering, Computer
Science, Consumer
Science, Accounting,
Political Science, Math,
Law, Medicine
Degrees: BA, MBA, JD,
PhD
Fund I Achievements
A Remarkable Success Story
Over the past 12 years, UVF has made
significant achievements
300
Exits:
250
Fund Performance:
24 Investments
7 Successful Exits, including 4 IPOs
High Quality Work Product
200
Management Change
150
100
50
0
2001
2002
2003
Investments:
5
2004
2005
2006
2007
2008
Economic Development:
13 Utah Investments
Supported/created 1,200 Jobs in UT
2009
2010
2011
2012
Student Program:
Over 250 Student Participants
100% Placement for past 4 Years
Top Tier Career Placement
University Private Equity
Summit:
10 Years Hosting the Conference
Over 1,500 Student Attendees
Limited & General Partner Structure
UVF is structured just like any other VC/PE firm
The UVF Management Team
Management
Tom Stringham
Executive Director
•Roth Capital Partners
•Formerly with Merrill Lynch
•MBA from Harvard
Peter Harris
Principal
•Four years at UVF
•Economics/Int’l Business from BYU
Advisors
Ryan Davis
CFO
•CFO of Epic Ventures
•Macc from BYU
Peter Jarman
Advisor
• Director at Cross Creek
•MBA from Kellogg
Board of Directors
Geoff Wooley
Chairman, Board of Directors
• Founded Dominon Ventures & European Venture Partners
James Lee Sorenson
Founding Investor, Board of Directors
• CEO of Sorenson Media
•Leads the Sorenson Group and Sorenson Capital
Kent Madsen
Board of Directors
•Managing Director at EPIC
•Previously CEO of MACC private equities
Taylor Randall
Faculty Advisor
• Dean of the David Eccles School of Business
•MBA and Ph.D. from Wharton
Jack Brittian
Board of Directors
•University of Utah Vice President of Technology Venture
Development
Ladd E. Christensen
Board of Directors
•Founder or co-founder of numerous startups in several industries
Bruce Olson
Board of Directors, Advising Attorney
•Leader in advising nonprofit & tax-exempt organizations
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SGIISGII
CENTER
The
Center
• Founded in 2010 as the University Impact Fund, the first
student-run impact investing and consulting firm in the
country
• History:
• Sprung out of UVF
• Late 2009: UVF Student Associates began
working on value-add projects for funds whose
investment focus was on “impact investments”
• Increased student interest, along with the
increased desire to expand curriculum around
the industry at local universities, led to the
creation of UIF
• SGII currently works with leading impact investment funds,
foundations, social entrepreneurs, and other organizations
to facilitate investments, conduct a variety of due diligence,
and provide value-add consulting projects
SGII CENTER
Current Portfolio and
Partners Include:
WHATisISImpact
IMPACT
INVESTING?
What
Investing?
Impact investments generate significant social and financial returns
•
Nearly 4 billion people live on less than
$2/day and lack access to
Clean water & sanitary living
conditions
Reliable & sustainable energy
Healthcare & education
Financial services
•
•
•
•
•
•
These individuals represent the fastest
growing segment for consumer spending
and possess the means and desire for
basic product innovation.
The impact investing industry has the
potential to expand into a ~$500B market
over the next decade
10 CENTER
SGII
The Impact Investing Spectrum
Impact First
(e.g. foundations)
Blended Value
(e.g. “double bottom line”
investors)
Financial First (e.g. VC/PE Firms)
Working at UVF & SGII
UIF/UVF
Management
Team
Venture Capitalists & Entrepreneurs
Senior Associate
UVF Student
Associates & Interns
UVF and SGII’s Student Program
From day one, students are immersed into the many
opportunities UVF & UIF have to offer:
- Deal Team: Students work together in teams to evaluate deals
- In-depth Training: Student associates are put through an 8
week training program to bring them up to speed on the world
of VC, PE, & impact investing
- 8 week training program
- Work closely with Senior
Associates on a wide range
of deals
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Associate
- More autonomous role
Mike Firmage
UVF Alum
on
deals
- Begin to refine area of interest
- Participate in continual, more
focused training
4th Semester
1st Semester
Intern
2nd & 3rd Semesters
- Networking: Students meet directly with the venture
capitalists and entrepreneurs in the deal; they also have the
chance to attend numerous conferences and events
“The value is, it takes what you
learn in the classroom and it
makes it concrete. No longer
are the financial theories you
learn merely abstract ideas, and
we're not sitting miles away
from using them in our
everyday life.”
Senior Associate
- Lead deals and projects
- Train junior members
- Work closely with other
venture capitalists and
entrepreneurs
- More specialized training
Investment Process
Deal Source
• UVF management and
associates source VC,
Growth and Buyout
deals from top firms
around the country
• UIF management
sources similar projects
from impact investors
and entrepreneurs
focused on social and
emerging markets
Deal Screen
• Team of 2-3
Student
Associates
• 2-3 page deal
screen
• Additional due
diligence
performed at
syndicate
partner’s request
• Students decide
whether to pursue
deal
Investment Memo
• Team of 5-7
student associates
• 40-60 page
investment
memorandum
• Students analyze
the market,
industry,
competitive
environment,
customer needs,
financials, etc.
Investment
Approval
• All UVF associates
vote on the
investment
opportunity
Majority required
• Investment
committee must
also approve the
investment
Unanimous
approval required
Ongoing Value-add
• An associate is
assigned to track
the company
• The students
perform valueadd projects for
the portfolio
company and
UVF uses its
network to help
the company
grow
UVF/SGII Alumni have Placed Exceptionally Well
Entrepreneurs
Top Firms
Graduate Schools