Palo Alto, California-based venture firm Technology Partners has finished raising Fund VIII. The oversubscribed fund closed on $300 million (€220 million), and will continue the investment strategy of Technology Partners’ previous funds.
The firm’s last vehicle, Fund VII, closed on $245 million in 2000. Fund VIII initially targeted $250 million, but attracted enough investor enthusiasm that the firm was able to raise the cap. General partner Ira Ehrenpreis attributed the increase in LP interest to the dynamism of the sectors on which the firm focuses: cleantech and life science.
“We’re clearly targeting areas that investors recognize represent huge opportunities,” Ehrenpreis said.
Within life science, the firm targets businesses in neuroscience and lifestyle therapies, the latter including aesthetic therapies, obesity treatments and reproductive medicine among others. Technology Partners takes advantage of the aging baby boomer population, which has disposable income to spend on looking and feeling young, Ehrenpreis said.
The firm started investing in cleantech “long before it became fashionable”, Ehrenpreis said, and currently focuses on energy technology, water technology and advanced materials.
In both areas, Technology Partners has a multistage investment strategy, seeking seed, early-stage and later stage opportunities.
Ehrenpreis predicts the new fund will ultimately have around 25 companies in its portfolio.