Alta oversubscribes funds on $475m

The San Francisco venture capital leader closes both an early-stage and a late-stage fund, surpassing an aggregate target of $400m.

San Francisco-based Alta Partners has announced the closing of both Alta BioPharma Partners III and ACP IV for an aggregate total of more than $475 million (€390 million).


The total committed exceeded Alta’s combined fund goal of $400 million that the firm set when it commenced fundraising about a year ago. According to an Alta spokesperson, ABP III, which focuses on late-stage investments, raised slightly less than $300 million, while ACP IV, which makes early-stage investments, closed on approximately $180 million.


ABP II will invest in companies focused on biopharmaceutical products, biotechnology, medical technology and specialty pharmaceuticals. ACP IV will look for companies developing new drug candidates, discovery tools and platforms, and medical technology.


The majority of Alta’s more than 30 limited partners is US-based, and includes such major names as CalPERS, Teachers’ Merchant Bank and TIAA-CREF.


Probitas Partners served as the placement agent for Alta’s fundraising.


Founded in 1996, Alta is one of the largest US-based venture capital shops investing in the life sciences. With the addition of the newest funds, the firm now manages approximately $1.5 billion in committed capital. Alta primarily targets US companies, but also looks for opportunities in Canada and Europe. The firm’s portfolio includes Eyetech Pharmaceuticals, which started the year with a much-anticipated $136.5 million flotation.