Alta Partners raises $275m for fund

Alta Partners has closed its third nextgen fund at $275 million.

Alta Partners has closed its third nextgen fund at $275 million. The fund will invest in “curative, breakthrough” therapeutics and technology-enabled healthcare services.

PRESS RELEASE

SAN FRANCISCO and DENVER, Feb. 18, 2021 /PRNewswire/ — Alta Partners, a leading early-stage healthcare venture capital firm, held the first and final closing of Alta Partners NextGen Fund III, L.P. today. Fund III was oversubscribed and has total capital of $275 million. The Alta team will continue its successful strategy of investing in curative, breakthrough therapeutics and technology-enabled healthcare services.

“We are grateful for the ongoing support and partnership of our longtime investors, and we’re excited to welcome a select group of new LPs.” said Dan Janney, partner at Alta. “We have a great team and focus, a combination that is creating significant value for our stakeholders. Our first two funds in the APNG family have provided industry leading returns thus far.”

Alta Partners Raises $275 Million NextGen Fund III
Alta Partners raised NextGen Fund I in 2017, and Fund II in 2019. Both funds focused on a concentrated portfolio of companies working with an outstanding group of entrepreneurs to make broad impacts on disease and healthcare delivery. In the four years since Fund I was closed, the portfolio of early-stage companies invested in by the fund have grown into over $19 billion in enterprise value.

“Alta Partners has been critical to our success growing from a small one market care delivery model, into a national leader delivering emergency care and in-home hospitalization across markets serving over 100 million Americans in 2021, and working across a broad ecosystem of health systems and payers to deliver high quality and low-cost alternatives to facility-based care,” said Mark Prather, CEO of DispatchHealth.

Alta Partners has invested in some of the leading biotech therapeutics companies, including Allakos, VIR Biotechnology, Be Biopharma, and TYRA Biosciences. “Working with Alta on developing TYRA has not only been incredibly helpful, but I wouldn’t have launched the company without them,” said Todd Harris, CEO. “Alta focuses on a small portfolio of companies and goes all-in to help them succeed.”

Alta Partners will continue to be run by Managing Directors Dan Janney, Bob More, and Pete Hudson, MD, and invest with the same focused strategy that has delivered success across its earlier funds.

“At Alta, we work hard, hustle to find the best opportunities, support our companies 100% when we commit, and always focus on the things that matter,” stated Pete Hudson, MD. Bob More added that, “Alta is committed to aligning our fantastic LP base with the world’s best entrepreneurs, and making a difference in the companies we support… ultimately improving patient care.”

About Alta Partners
Alta Partners is a San Francisco and Denver-based, healthcare-focused investment firm founded in 1996. Alta focuses on curative therapeutics and technology-enabled healthcare services, the two areas that have the greatest impact on patient outcomes. It has raised over $2.3 billion in venture funds, launched over 70 new drugs, and delivered 118 exits and IPOs creating over $36 billion in value for our partners. The firm’s limited partners include some of the leading healthcare organizations in the nation, top financial investors, and successful family offices. For more information, visit www.altapartners.com.