LOUISVILLE, KY–Chrysalis Ventures, a source of equity capital for young growth companies in the Midwest and South, has closed its fourth investment fund with commitments now totaling $175 million.
The firm, which invests primarily in healthcare services and technology, media and communications, and emerging trends and technologies, announced in February 2008 that it had raised $163 million and exceeded its $150 million target for the fund.
Chrysalis Ventures’ fourth fund attracted commitments from a variety of institutions and high net worth individuals, many of whom have been serial investors in Chrysalis’ prior funds. The firm also welcomed such new limited partners as Morgan Stanley, Credit Suisse, and the Kentucky Teachers’ Retirement System. The most recent addition was Health Evolution Partners, a manager of healthcare investment funds.
The fund is managed by three managing directors who have been investing together at Chrysalis Ventures for more than 10 years — David A. Jones, Jr., Koleman E. Karleski, and Robert S. Saunders. The managing directors and their affiliates, together with the professional staff of Chrysalis Ventures, are collectively the second-largest investor in the new fund. In addition, nine of the firm’s former portfolio company executives invested in the latest fund.
“Chrysalis has unique strategies and deep experience,” said David J. Brailer, MD, PhD, chairman of Health Evolution Partners. “The firm extends our ability to invest in and support companies that can transform healthcare and benefit from this change.”
Chrysalis Ventures has made investments in over 55 companies, including five through its most recent fund: Chronicity, Inc., Continuum 700 LLC, Digitalsmiths Corporation, Mobile Armor, Inc., and SinglePipe Communications. This fourth fund expects to invest in up to 20 additional companies over the next three years.
Founded in 1993, Chrysalis Ventures has 14 investment and professional staff.
On the Web: www.chrysalisventures.com
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