Senate amends Fund of Funds bill after heated debate over transparency

Senators spent more than an hour debating competing amendments to third substitute House Bill 243, which modifies governance and disclosure rules for the Utah Fund of Funds, a state‑backed vehicle that invests in venture capital to spur local entrepreneurship.

Senator Bramble, speaking for the amendment adopted by the Senate, said the change would require listing the number of Utah companies in which the Fund invests — rather than naming each portfolio company — while keeping details such as investment amounts and equity positions confidential. "We need some oversight," Bramble said, framing the amendment as a balance between transparency and protecting proprietary investment information.

Senator Jenkins argued for stronger disclosure, urging the chamber to require a public list of all companies in which Fund‑backed venture capital firms invest so taxpayers could see where their dollars were placed. Jenkins said the information was important for public accountability and to show a direct benefit to Utah businesses.

Other senators pressed both sides. Senator Henderson described the request for company names as a modest transparency measure, saying taxpayers’ contingent liability under the statute — including a cited $150 million figure of potential tax‑credit collateral — justified fuller public disclosure. Senator Valentine and others said the substitute created a better balance, and the sponsors agreed to language that restored an amended section specifying the number of companies in Utah that received investment.

Under the adopted amendment, the Fund must report the number of Utah companies in which it invested and provide other aggregate metrics; it does not have to list each portfolio company or disclose proprietary investment details. The Senate approved the amended bill and, by roll call, passed third substitute House Bill 243 (24 yea, 0 nay, 5 absent). The measure will be sent to the House for concurrence.