June 21, 2017, 7:45 AM MDT
Sorenson Capital hired Intel Corp. executive Ken Elefant to help lead a new unit that will invest in young software and security companies.
Elefant will be a managing director and run Sorenson Ventures along with Rob Rueckert, the Salt Lake City-based private equity firm said in a statement Wednesday. Elefant, who was a managing director at Intel Capital focused on software and security, will open a new Sorenson office in Palo Alto, California.
The venture unit is close to its first deal, which is in the security space, Elefant said in the statement.
While the firm has had access to early-stage companies in California, “we haven’t been able to service them until a later stage, because of the size and structure of our private equity fund,” Rueckert said in the statement. “Sorenson Ventures was created specifically to bridge that gap and focus on these early-stage opportunities.”
Sorenson Capital manages more than $1 billion and makes buyout and growth-equity investments of $10 million to $40 million in companies.