WAYNE, Pa. – Bolstered by a number of returning investors, TL Ventures in late July wrapped its fifth fund, the $250 million TL Ventures IV.
TL IV quickly gathered $200 million from existing limiteds in an April first close and wrapped the fund three months later. First Union Corp., a first-time investor in the firm, joined returning investors such as California Public Employes’ Retirement System (CalPERS), the Pennsylvania State Employes’ Retirement System (SERS), the State of Michigan Retirement System, the Pew Trusts, Safeguard Scientifics, Cornell University and J.P. Morgan.
The new vehicle, the successor to Radner Venture Partners and TL Ventures I through III, will continue the firm’s focus on early-stage, high-growth software, Internet, information technology services, communications and life sciences companies. About 90% of the firm’s portfolio will be composed of IT and communications deals, with the remainder going to life sciences, said General Partner Mark DeNino.
The new fund will invest in about 25 deals of between $3 million and $15 million each. Since the vehicle’s first close, TL Ventures has completed six deals, including a July $3 million investment in on-line research aggregator iBooks.com, and a $2.5 million commitment to Baleo Inc., a developer of Internet-based customer service solutions.
TL Ventures is led by five general partners, including DeNino, Gary Anderson, Robert Fabbio and Robert Keith, who all focus on IT and communications, and Christopher Moller, who focuses on life sciences.