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SightLine Partner beats $100m target for second fund in final close

9 Aug 2013

medical monitor 5Venture capital firm SightLine Partners has beaten the $100m target for its second fund in holding a final close.

SightLine Healthcare Opportunity Fund II (SLHOF II) was oversubscribed and has been closed on $107m, the firm said.

The fund will make secondary direct investments in medical technology companies.

SLHOF II was launched in April 2012 and raised $48.1m in its first ten months on the road, regulatory filings show.

LPs committing to the fund include the Ohio Public Employees’ Retirement System, which approved a $25m investment last month.

SightLine managing director Buzz Benson said, “We are encouraged by the tremendous interest in the Fund, from an excellent group of investors.

“Our investment strategy of providing creative financial alternatives to existing investors in late-stage medical technology companies has been well-received in the market, as evidenced by the over-subscription in Fund II.

“There continues to be a critical financing gap for many high-quality companies in the med-tech sector and SightLine Partners is uniquely qualified to offer solutions to both the companies and investors facing this challenging environment.”

SightLine Partners is the successor to Piper Jaffray Ventures, having acquired its healthcare venture capital operations in 2004.

The firm invests in late-stage medical technology companies.

It said that a large number of medical device businesses have been founded over the past ten years and a lot of them face liquidity constraints due to “the lack of a vibrant IPO market and fewer M&A exits.”

SightLine also noted that a growing number of venture funds are either capital constrained or are approaching the end of their investment period.

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