HealthCare Ventures Raising Ninth Fund

I recently ran across a regulatory filing from HealthCare Ventures, which has been making early-stage and growth-stage deals since 1985. It suggests that the firm is targeting upwards of $250 million for its ninth fund, which would be a step down from the nearly $380 million raised for Fund VIII in 2005.

More interesting than what’s included in the filing, however, is what’s missing. Namely, managing directors James Cavanaugh and Hal Werner. Both were listed as principals in a Fund VIII filing, but not this time around. They also happen to be HealthCare Ventures’ only investment pros in Princeton, N.J., while the rest are based in Cambridge, Mass. (the new filing lists the Cambridge address, whereas past ones list Princeton).

Cavanaugh and Werner’s omission could be a junior attorney oversight. Or perhaps both men are cutting back on their activities or retiring. After all, they have a combined 47 years at the firm (plus, the lowered fund target could reflect fewer fulltime partners).

I put in calls to both men yesterday (and another partner), but have not yet heard back.

HealthCare Ventures currently has 41 active portfolio companies, which will be one fewer once Sandoz completes its recently-announced acquisition of Oriel Therapeutics.