PALO ALTO, Calif. – Since joining as a principal at Patricof & Co. Ventures Inc. in March 1998, Lori Rafield has led three investments from the $410 million APA Excelsior V, the most recent of which took place in October.
As a reward for her performance, Patricof promoted Rafield to general partner. She will focus on early-stage investment opportunities in the health-care arena and continue to work out of the firm’s Palo Alto office.
“I came to Patricof with five years of investing experience and nine years of operating experience,” said Rafield, who previously worked at BancBoston Robertson Stephens and has a Ph.D. in Microbiology from the University of Virginia. “I look at the promotion as a combination of that experience and the deals I have made.”
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Rafield sits on the boards of cardiac surgery device manufacturer Corvascular and Optimize, an advanced personal imaging and communications system, and her third investment is a bio-tech company. Rafield, who invests between $8 million and $10 million in post-seed-stage companies, said her investment pace will not be affected by the promotion.
“We invest in the middle-space,” she said. “In the current health-care environment, it doesn’t pay to invest in the very early-stage.”
Patricof has slated $80 million to $90 million from Excelsior V for health-care related investments. The firm has invested approximately $25 million in the industry this year and expects the fund, which began investing last October, to be fully committed by the end of 2002.
Although the firm also invests in buyouts, its bread-and-butter remains venture capital. Eight Patricof-backed companies went public in third quarter 1999.