Alta Partners Healthcare Funds Exceed Targets
From Bloomberg News
Alta Partners, a San Francisco-based venture capital firm, said it had raised $475 million for two new funds that would invest in healthcare-related firms.
The funds, Alta BioPharma Partners III and ACP IV, exceeded the firm’s target of $400 million, gathering commitments from existing investors such as the California Public Employees’ Retirement System and TIAA-CREF.
A three-year slump in U.S. venture capital fundraising ended last quarter as firms stepped up spending and sold past investments during a stock market recovery. In the third quarter, biotechnology displaced software as the No. 1 category of venture investment for the first time in seven years, according to Thomson Venture Economics and the National Venture Capital Assn.
