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25 August 2015

Hatteras on the way to fifth fund

Hatteras Venture Partners raises $90m of its $150m target on fifth fund with backing from Chapel Hill.

Author: Gregg Bayes-Brown, editor

US-based venture capital firm Hatteras Venture Partners has secured $90m on the way to its $150m goal for its fifth fund.

The North Carolina investor now has $350m under management, and will continue to source investors to reach its target and surpass its fourth fund which attracted $125m. University of North Carolina at Chapel Hill is one of the 20 investors supporting the latest fund, which also includes pharmaceutical GlaxoSmithKline and Ireland-based life sciences investor Malin, which provided $15m of the total.

The investor will be looking invest both within the North Carolina borders and beyond – half of its last 26 investments have been tied to the state.

Of the total raised, Hatteras will invest 20% into Hatteras Discovery, its seed investment arm which aims to find and develop fresh startups to the point where they are ready for a more conventionally-sized venture investment.

Clay Thorp, general partner of Hatteras Venture Partners, said: "We launched Hatteras Discovery with HVP IV in 2011 to fund seed-stage projects and companies focused on human medicine and life sciences. It has been a tremendous success with G1 Therapeutics, Clearside Biomedical, and Lysosomal Therapeutics collectively raising more than $90 million following the seed rounds with Hatteras Discovery and accelerating their clinical programs by 12 months, on average. With HVP V, we look forward to building on the heritage of seeding successful companies." 

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