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Versant closes fourth healthcare venture fund on $500m01/08/2008. Source: AltAssets. 
 US healthcare venture capital firm Versant Ventures has closed its fourth fund, Versant Venture Capital IV, on its target of $500m.
Investors comprised universities, endowments, pension funds and funds of funds.
The fund will look to make between 30 and 35 investments in areas including medical devices, biotechnology and pharmaceuticals, principally in the US. Vestar will primarily focus on early stage and seed investments, but may also target later stage companies also, the firm said in a statement.
Brian Atwood, managing director, Versant, said, 'We are proud to continue to partner with visionary entrepreneurs who are building companies that are transforming healthcare. An extraordinary number of unmet clinical needs remain in healthcare, and we look forward to continuing to be a springboard for these meaningful innovations.'
'The $500m fund size will enable us to support a full range of entrepreneurial initiatives - from a few hundred thousand dollar seed to a $20m investment over the full life of the company,' added Kevin Wasserstein, managing director, Versant.
Versant has more than $1.6bn under management. The firm closed its previous fund, Versant Venture Capital III, in Q4 2005, on $400m.
In May of this year, Versant led a $49.5m Series D financing round for specialist pharmaceutical business Novasys Medical.
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