Arizona Group Looks To Raise $200M Fund of Funds

A group of state and local business organizations in Arizona is hoping to spur Arizona startups, with the formation of a $200M "fund of funds", according to a report in the Arizona Republic. According to the report, AERO, the Arizona Economic Resource Organization, is hoping to raise $200M for investments in local companies. The new fund is being managed by Sun Mountain Capital of Santa Fe. Utah has its own "fund of funds" investing $300M in venture capital firms investing in the state; a number of other states also have similar initiatives geared at spurring investments in firms in their respective locales.