[Posted on October 19, 2007 - 4:27 PM]
E-mail
del.icio.us
Technorati
DiggWell on its way to closing its seventh fund since inaugurating investment in 1985, Southern California venture firm Enterprise Partners has told the San Diego Union that it's stopped raising money for the pool.
The firm had always had a strong focus on the regional biotechnology industry that thrives around Orange County and San Diego, and Enterprise had for the first time targeted fundraising for its seventh fund to invest solely in life sciences deals. But although the firm apparently had commitments for more than $100 million of a proposed $175 million fund, partners said investors who have witnessed a regional boom in entrepreneurial activity across a variety of sectors were concerned over its newly narrowed strategy.
Enterprise had gone ahead with the new fund despite losing two key investment professionals: former pharmaceutical executive Kleanthis Xanthopoulos, who joined Enterprise in 2006, and Marios Fotiadis, a financial specialist who joined the firm 10 months ago. Enterprise managing director Drew Senyei said the added workload of a new fund was too much for the remaining partners. The group will continue to manage a portfolio of 42 companies from previous funds. -- Clifford Carlsen
See story from San Diego Union
