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CMEA Ventures closes $400m fund

The California-based firm’s seventh fund brings its assets under management to more than $1 billion.

The marriage of science and technology continues to be the underlying investment strategy of CMEA Ventures, whose seventh fund has closed on $400 million (€257 million).

The fund was marketed for “less than one year” by the Park Hill Group, with “legacy investors” accounting for roughly 56 percent of its limited partners, a spokeswoman told PEO.

Its largest raised to date, the fund will target energy and materials, information technology and life science sectors “with a bias towards deep-technology and multidisciplinary investments”, CMEA said.

“Technologies – particularly in IT, energy and materials and life sciences – have matured to the point that future disruptions will come principally from applying technology in unusual and unexpected ways, such as biotech in energy, IT in life sciences, and material sciences in both energy and IT,” Tom Baruch, the firm’s founder, said in a statement. “This is why multidisciplinary investing is a key thrust of our new fund.”

The San Francisco-based firm’s previous such fund closed on $300 million in 2004; prior to Fund VI, CMEA raised separate funds dedicated to technology and life sciences.

The firm was founded in 1989 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. Closure of its seventh fund brings its assets under management to more than $1 billion.