Utah Jazz owner forming $1 billion venture capital fund

Zoom in: It will focus on growth-stage tech companies within what Sweeney calls "the experience economy," including sports.

• A first close happened Tuesday on most of the money, and Accel will collaborate by providing much of the back-office.
• Smith explains that the Jazz are involved in payments, retail, social media, and health care. Plus regular interactions with government.
• "I could see a world where sports events become the executive briefing centers of the future, much like what you've seen F1 becoming."

Catch up quick: The "Ryans" have been tied at the financial hip since 2012, when Sweeney led Accel's investment in Qualtrics, which Smith founded and where he still serves as executive chairman.

• Qualtrics was eventually bought by SAP for $8 billion, before going public and then being taken private again for $12.5 billion.
• In the meantime, Smith bought the Jazz with Sweeney taking a minority stake.

What they're saying: "Everywhere I go people want to talk to me about sports, which I obviously understand but I'm a tech guy at heart," Smith says. "And this really feels a lot like the when we started Qualtrics, in that I think tech is about to go on another epic run."

• Sweeney adds: "I've been trying to convince Ryan to be an investor for years now. It's a natural extension of his journey."

The bottom line: The fund, called Halo Experience (dba HX One), will be headquartered in Utah and plans to build out its investment team.

• Sweeney will remain a partner on existing Accel funds, and maintain some board seats, but plans to be full time with Smith going forward.
• It can coinvest with Accel, although it's not required.