Alta Partners raises $160m

The San Francisco-based healthcare VC firm closes its first new vehicle since 2006.

Alta Partners held a final close of its ninth institutional fund, Alta Partners NextGen Fund I, at $130 million.

The San Francisco-based firm, which specialises in healthcare venture capital, will deploy this new fund series to invest in biotherapeutics and tech-enabled health services. The fund fell short of its initial $200 million target set at its launch in February 2017.

Alta Partners has not raised a previous closed-end vehicle since 2006, when it closed Alta Partners VIII on $500 million.