Established in 2003, the state’s venture capital initiative “Iowa Fund of Funds” is slowly winding down after the Iowa Executive Council voted 4-0 to dissociate the fund with its governing entities, reports the Cedar Rapids Gazette. The program, which was managed under the private, not-for-profit Iowa Capital Investment Corp. and a state Capital Investment Board, is credited with helping eight companies, leading to an estimated economic impact of $1.49 billion over a 12-year period. To read a vintage 2004 Business Record Insider article detailing the twists and turns the fund took in its early days, click here.