Accel’s Hill Joins Schroder Practice –

BOSTON – Gene Hill, who recently departed Accel Partners as its remaining health-care specialist, is slated to become a partner at Schroder Ventures.

Mr. Hill, who starts his new job April 1, will help manage Schroder Ventures International Life Sciences Fund II, a $200 million-targeted vehicle that was approaching a wrap at press time (VCJ, February, page 30). He will concentrate on health-care services and health-care information-technology investments but also will assist on medical-device deals.

Mr. Hill resigned from Accel as the Palo Alto, Calif.-based firm narrowed its focus to information technology from a traditional mix of IT and life-sciences investing (VCJ, February, page 5), but he will continue to manage Accel’s existing health-care investments.

James Garvey, a managing partner at Schroder and chief executive for the International Life Sciences Fund II, has known Mr. Hill for years, although Accel and Schroder’s life sciences group have not made any co-investments. Schroder is seeking an additional partner to help invest the life-sciences vehicle, who will be based in London and have a buyouts rather than VC focus.

Mr. Hill was attracted to Schroder’s international reach and by the life-science group’s affiliation with other Schroder funds, he said.

Mr. Hill had pondered raising his own fund but decided to accept the Schroder post because it allowed him to help build a practice without the hassle of starting from scratch. He also said he was pleased to join a team dedicated solely to life-sciences investing. Fearful of ending up at another venture firm that would eventually shrink its health-care investing, Mr. Hill had said in January he would be reluctant to join a diversified firm.

Mr. Hill’s role at Schroder will resemble his post at Accel, but he will have access to a variety of Schroder funds that allow for a greater variety of health-care investments. Schroder makes early- and late-stage deals, as well as larger investments, including buyouts. Accel concentrates on earlier-stage opportunities.