Fund briefs, January 2007

HEP secures $150M for health care, IT

Health Enterprise Partners has raised $33 million from nine investors for a fund with a $150 million target, according to a regulatory filing in December. The firm’s website says that it will invest in health care services, information technology and devices.

General Partners Daniel Cain, Robert Schulz, Richard Stowe, Rhett Thurman founded the New York-based firm after they left CB Health Ventures, the investment arm of Cain Brothers & Company, a firm they are still closely associated with.

CB Health Ventures had a good 2006, with a $230 million sale of GeneOhm Sciences, a company that develops chip-based DNA diagnostic disease detection tools. It had raised $38 million.

Benchmark Europe lands $550M for third fund

Benchmark Capital closed its third European fund with $550 million in commitments, beating its initial target of $500 million. It raised $375M for its second fund in 2004.

London-based GP Barry Maloney says the firm will invest in open source software, Web 2.0 companies and clean technology. He says the fund will be 70% early stage, with the remainder going to later stage tech companies.

JLA raises $107M for balanced stage

Toronto-based J.L. Albright Venture Partners has raised $107 million for its fourth fund, according to a recent regulatory filing.

The firm, which invests in balanced stage tech companies, raised $108 million for its third fund in 2000.

New LPs include BDC Capital, Export Development Canada, FTQ, National Bank Financial, Oak Hill Investment Management, TD Capital CFOF Private Equity and Teachers’ Private Capital.

Returning LPs include The Bank of Nova Scotia, Caisse de depot et placement du Quebec, CIBC, OMERS and RBC Capital Partners.

Castile holds first close

Castile Ventures has raised $64 million for its third fund, which is targeted at $150 million.

Limited partners include the Massachusetts Pension Reserves Investment Management Board, the City of Philadelphia Board of Pensions & Retirement, and the Illinois State Board of Investment.

The Waltham, Mass.-based firm raised $50 million for its second fund in 2001. —VCJ staff