Hatteras raises $90m, aims at $150m for healthcare fund

Hatteras Venture Partners said today it raised $90 million for its healthcare focused HVP V fund, with aims to raise $150 million for investing in the medical industry.

Hatteras said it partnered with Malin Corp. to increase the firm’s “partnering capacity to grow portfolio companies from the seed stage to maturity,” according to the press release.

“Having so many of our limited partners return to participate in HVP V and Malin and UNC join as new LPs is a testament to our successful track record of seeding and growing life sciences companies. The breakthrough science and world-class service providers in our region have created a vibrant ecosystem that has proven capable of taking early stage companies’ products from the bench through approval and to patients, making it an area deserving of capital investment,” HVP general partner Bob Ingram said in a press release.

The fund will focus on science and tech from academic institutions, including its limited partner relationships with the University of North Carolina at Chapel Hill, GSK, Malin, Laboratory Corporation of America Holdings, Alexandria Venture Investments and other financial investors, HVP said.

“This transaction enables Malin to immediately leverage the considerable expertise embedded within Hatteras and extend the company’s existing quality network in a unique and highly efficient manner. This important collaboration will give Malin broad access to early stage discovery technologies and platforms and to some of the world’s best medical universities located in North Carolina/the Southeast U.S.  We are highly confident that the intersection of HVP V, the universities and Malin will lead to the unearthing and subsequent shaping of numerous life sciences opportunities in the U.S. and, we hope, Ireland and other countries,” Malin chairman John Given said in a prepared statement.

The firm said it will allocate up to 20% of the fund to seed-stage projects and companies.

“We launched Hatteras Discovery with HVP IV in 2011 to fund seed-stage projects and companies focused on human medicine and life sciences. It has been a tremendous success with G1 Therapeutics, Clearside Biomedical, and Lysosomal Therapeutics collectively raising more than $90 million following the seed rounds with Hatteras Discovery and accelerating their clinical programs by 12 months, on average. With HVP V, we look forward to building on the heritage of seeding successful companies,” HVP general partner Clay Thorp said in prepared remarks.

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