Firm Achieves Fund Goal of $125 million in Available Capital
HVP IV Includes a Subsidiary that is the First Early Stage SBIC in the US
Durham, NC - Hatteras Venture Partners announced today the final closing of Hatteras Venture Partners IV (HVP IV) with $125 million in total capital. As a part of the final closing, HVP IV established a subsidiary fund, HVP IV SBIC, that is the first licensee of the US Small Business Administration’s (SBA) newly established Early Stage SBIC Program.
“We are gratified to achieve our fund target of $125 million,” said Bob Ingram, General Partner. “These funds will allow us to drive the numerous seed and early stage opportunities we are identifying in the human medicine life science field. During our fundraising process, our deal flow has grown substantially in number and quality,” Mr. Ingram added.
Hatteras will invest funds from HVP IV with a strategy similar to HVP III, focusing on the active involvement of the entire Hatteras team of seasoned entrepreneurs and operators. In addition to the Hatteras team, HVP IV will leverage its numerous strategic relationships with major companies in the health care field, many of which are limited partners in the fund.
“As with HVP III, the limited partner base of HVP IV is over 90% institutional,” said Clay Thorp, General Partner. “In addition, we are pleased to have been selected by the SBA as the nation’s first Early Stage SBIC. Our SBIC license enables Hatteras to have the depth of capital required to be a strong financial partner for all of our portfolio companies,” added Mr. Thorp.
With the initial closing of HVP IV in August 2011, Hatteras established a sub-allocation of HVP IV called Hatteras Discovery to capitalize seed stage opportunities. Thus far, Hatteras Discovery has seeded Clearside Biomedical, Coferon and G1 Therapeutics. In addition, HVP IV has invested in Clinverse, Inc. and has co-invested with Hatteras Discovery in Clearside and Coferon. HVP IV plans to have 12 to 14 portfolio companies and 8 to 10 seed projects/companies in Hatteras Discovery.
About Hatteras Venture Partners…
Founded in 2000, Hatteras Venture Partners invests in seed and early stage companies with a focus on biopharmaceuticals, medical devices, diagnostics, healthcare IT, and related opportunities in human medicine. The firm will typically invest in companies located in the research-driven, capitally-underserved regions of North Carolina and the Southeastern United States. Core to the mission of Hatteras Venture Partners is a belief that entrepreneurial innovation will create valuable new products that will transform the practice of medicine and create value for our investors. As entrepreneurs, operators, and investors, we are dedicated to the success of our portfolio companies and to the men and women who create them. Based in Durham, NC, the firm has over $250 million under management. To learn more, please visit www.hatterasvp.com.