Montreux Equity Partners has closed its fourth venture fund on $250 million (€170 million), exceeding its $200 million target and bringing the firm’s total capital under management to more than $430 million. The life sciences focused firm, based in California, closed its third fund on $83 million in January 2004, which it said at the time would co-invest with Fund II for a total of $160 million in dry powder.
Fund IV was marketed by placement agent Lazard Frères and its limited partners include advisory group Hamilton Lane.
Michael Kelly, managing director of Hamilton Lane, said in a statement: “Health care markets continue to expand globally, driven by demographic trends and technological advancements. We are excited to be working with Montreux as the firm pursues these opportunities.”
MEP IV has invested in “several companies including Glaukos and Avantis Medical in the medical device sector as well as pharmaceutical companies Tobira Therapeutics and Sequel Pharmaceuticals”, the firm said.
Montreux is led by individuals with experience in the life sciences fields. Manish Chapekar, prior to joining the firm in 2001, was a manager of business development and strategy at Pharmacia (previously Monsanto); Howard Palefsky was formerly the chairman and chief executive of Montreux portfolio company, NeurogesX; John Savarese, a general and orthopedic surgeon, was also previously with NeurogesX and worked in the Life Sciences Investment Banking divisions at Credit Suisse First Boston and Merrill Lynch; and Daniel Turner, prior to founding Montreux in 1993, was a principal in the Turnaround Group for Berkeley International.