CAMBRIDGE, Mass. – OneLiberty Ventures held a $200 million final close in June on OneLiberty Ventures 2000 LP, said Edward Kania, general partner. The firm launched the $150 million-targeted vehicle in March, and held an initial close on $145 million in mid-May, he said.
The vehicle will back early-stage, information technology and medical technology companies, Kania said. Approximately 75% of the fund’s capital will be devoted to IT deals, with the remaining 25% going to medical technology investments, he added. Kania said OneLiberty currently sees a promising window of opportunity in the re-engineering of storage technology and computing. “This is a theme we have fleshed out and are actively pursuing,” he said.
The fund is expected to back approximately 25 companies with initial investments of $3 million to $5 million, Kania added.
The firm’s limited partners are a mix of university endowments, financial institutions, pension funds and individual investors. Kania said OneLiberty raised 75% to 80% of the firm’s current vehicle from its existing LPs. The remainder of the funds came from five new LPs, he said, adding that the firm deliberately leaves room for new investors in every fund it raised. “We want to include new investors to continue to build our base of LPs,” he said.
The firm’s previous vehicle, the $100 million OneLiberty Fund IV closed in January 1998 and is currently fully committed to 24 companies. In June, OneLiberty announced that it had teamed with NewcoGen Group Inc. to raise the $150 million to $200 million-targeted Applied Genomic Technology Capital Fund LP, which will invest in companies developing applications for genomic discoveries (VCJ, August, page 18). That fund held an initial close on $70 million in late-May and is aiming for a final close this fall.