San Francisco-based private equity firm Burrill & Co has transferred ownership of its Capital Fund IV to new firm Biomark Capital Partners, it emerged.
The transferred followed a default by one of the fund’s LPs, which reduced its size to $211m from $505m, according to Dow Jones.
The default of an undisclosed Chinese investor affected other LPs that had percentage limitations, said CEO Steven Burrill, according to the report.
Burrill Capital Fund IV, which was closed in August last year, is focused on investing in the life sciences sector including the therapeutics, diagnostics, medical devices, healthcare delivery, wellness, and digital health segments.
The firm currently has $1.5bn under management. Earlier this year Burrill participated in a Series B round for Bangalore-based data company Strand Life Sciences.
Copyright © 2013 AltAssets