SF venture fund Alta Partners misses original mark, raising $130M for ninth fund

Coming quite a bit short of their original target, the life science investors at San Francisco-based venture firm Alta Partners said Wednesday they’ve closed $130 million for their newest fund.

Pete Hudson

Back in February, we reported Alta was looking to raise $200 million, as reflected in the firm’s first SEC statement at the time.

Alta Partners isn’t the largest VC in biotech, by a long shot, but it has backed some closely-watched companies, including Kite Pharma and Esperion. Over the past 21 years Alta has raised some $2 billion and its partners have overseen more than 114 mergers, acquisitions, and IPOs. Last summer Smith & Nephew spinout Bioventus, which included Alta in its syndicate, completed a $150 million IPO.

Bob More

Alta has been around since 1996, but in 2016 physician and investor Peter Hudson and Bob More, a senior adviser to the Bill and Melinda Gates Foundation, joined Dan Janney as new managing directors to raise this fund. It’s the firm’s ninth fund since inception.

And it looks like Alta Partners has already deployed some of that new cash. The company said the fund has so far backed Allakos, DispatchHealth, George Church startup eGenesis, and Vir Biotechnology. Vir, if you remember, is the George Scangos startup that scored more than $500 million in its coming out party last October.

Dan Janney

“As the healthcare industry experiences unprecedented change in delivery and payment reform, we see tremendous opportunities to impact healthcare with improved solutions.” Hudson said in a statement. “We are seeking next generation, technology-enabled healthcare solutions. We see data and technology accelerating innovation in all sectors of healthcare delivery, allowing for patient and provider engagement that will create significant efficiencies and drive unprecedented value.”

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Research Scientist - Immunology
Recursion Pharmaceuticals Salt Lake City, UT
Director of Operations
Atlas Venture Cambridge, MA

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