Fund raising since January, Quaker BioVentures of Philadelphia aims to hold a first close on a $300 million debut fund by the end of August.
The firm, founded late last year, is targeting early- to mid-stage biotechnology companies in the mid-Atlantic region, broadly defined as the area from North Carolina to New York. It will concentrate on biopharmaceutical, medical instrumentation and bioinformatics deals – typically investing between $5 million and $20 million in a single portfolio company.
Quaker BioVentures is an offshoot of Lubert-Adler Partners LP, a Philadelphia family of real estate and private equity funds with $2.3 billion of capital under management. Ira Lubert, a principal in Lubert-Adler Partners and founder of Quaker BioVentures, also is a founding partner of LLR Equity Partners, Radnor Venture Partners and TL Ventures.
Quaker’s first close between $100 million and $200 million came in July, with a handful of LPs signing on. A final close will be held in January of next year.