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US firm InterWest Partners closes tenth venture capital fund on $650m11/08/2008. Source: AltAssets. 
 California-based early stage venture capital firm InterWest Partners has held a first and final closing on its tenth venture capital fund, InterWest Partners X, on its hard cap of $650m. The fund will invest in emerging life sciences and IT companies and plans to invest in 25 to 30 new companies in each sector.
Later stage opportunities will be considered on an opportunistic basis.
InterWest invests an average of about $7m to $15m over the course of its involvement with a portfolio company.
Within the IT sector, InterWest will continue to focus on segments, including software, computing and communications infrastructure and semiconductors.
In the life sciences sector the focus continues to be on core therapeutic areas, including cardiology, oncology/immunology, infectious diseases, ophthalmology, neurology and orthopedics.
Dr Arnold L Oronsky, general partner at InterWest, said, 'We take pride in our collaborative approach to working with portfolio companies to develop important life sciences and IT products that produce thriving businesses. We are also gratified and very proud to have gained the trust and confidence of our limited partners, who include many blue chip, industry-leading investors. Most of this tenth fund comes from return investors but we are also very pleased to welcome a select group of new limited partners.'
In conjunction with the closing, the firm announced it has promoted Chris Ehrlich, Nina Kjellson and Doug Pepper to general partner.
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