San Francisco-based CMEA Ventures has announced the close of its sixth venture capital fund on $300 million (€245 million).
The new vehicle will invest in both high technology and life sciences, specifically semiconductors and high-performance electronics; enterprise productivity solutions and outsourcing services; drug development; and pharmaceutical chemistry.
According to a press statement, the fund exceeded CMEA’s original $250 million target. The firm has generally kept its funds delineated between high technology and life sciences. In 2000, it closed a fifth fund dedicated to life sciences on $163 million. One year prior to that, it closed a high technology fund on $180 million.
New investors in CMEA Ventures VI include the Dow Employees Pension Plan, IMS Health, Ohio Public Employees Retirement System, Public Employees' Retirement Association of Colorado, and State of Michigan Retirement Systems. Returning investors include ChevronTexaco and IBM.
CMEA Ventures VI will be managed by Tom Baruch, David Collier, Karl Handelsman, Gordon Hull, Faysal Sohail, James Watson and Andrea Tobias.
Denning and Company served as placement agent for the fundraising.
CMEA Ventures was founded in 1989 by general partner Tom Baruch as a side fund of Menlo Park, California-based venture capital shop New Enterprise Associates. The fund became independent with the launch of a $46 million high technology fund in 1997. With the newest fund, the firm now manages approximately $750 million in equity.