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Office Locations:
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2600 Grand Ave., Suite 300
Des Moines, IA 50312
Phone: 515-883-2904
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The Iowa Fund of Funds is a $100 million program organized by the Iowa Capital Investment Corporation (ICIC). In 2005 ICIC engaged Cimarron Capital Associates I, LLC as the professional manager of the Iowa Fund of Funds program. The program, which raises private investment capital supported by contingent state tax credits, operates without State appropriations. No contingent tax credits have been used nor projected to be used to-date. As a result, there has been no cost to taxpayers to create and operate ICIC nor the IFOF. The Iowa Fund of Funds is designed to help build a professional venture capital industry to serve Iowa entrepreneurs. Of particular note is the leverage effect of IFOF investing: $35 million in commitments has attracted seven venture funds with over $710 million in venture investing capacity. ICIC is a private, non-profit organization authorized by Iowa statute to serve as General Partner of the Fund of Funds and provide oversight and guidance to the Fund Manager. The first investment by an ICIC-supported venture fund in an Iowa company was made in 2007.
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Investment Firm Key
VC = Venture Capital
PE = Private Equity
A = Angel
I = Incubator
MB = Merchant Bank
VD = Venture Debt
FI = Family Investment Office
FOF = Fund of Funds
ED = Economic Development Office
TT = Technology Transfer Office
CVC = Corporate Venture Capital
SEC = Secondary Purchaser
HF = Hedge Fund/Mutual Fund
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| COMPANY STAGE | REVENUE |
| Venture Capital | |
Seed Stage
(includes "pre-seed," or
concept stage) | No Revenue |
| Early Stage | Minimal
Revenue |
Growth Stage
(also called Mid-stage) | $2M-$7M |
Expansion Stage
(also called Late-stage) | $7M and greater |
| Private Equity | |
| Lower Middle Market | $10M-$249M |
| Middle Market | $250M-$499M |
| Upper Middle Market | $500M-$1B |
| Large Cap | >$1B |
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