Venture capital firm RiverVest Venture Partners said today that it closed its $184.4 million oversubscribed RiverVest Venture Fund IV, the firm’s fourth dedicated life science fund.
The closure brings the total assets managed by RiverVest Venture Partners to $753 million , the St. Louis-based VC firm said.
The firm said that it is focused on supporting companies developing biopharma and medical device products designed to treat high, unmet medical needs and on attracting buyers or preparing companies for initial public offerings within three to five years.
“We are pleased that Fund IV exceeded our target. It enables us to continue executing our strategy for generating top-quartile investor returns,” co-founder and managing director Jay Schmelter said in a prepared statement.
RiverVest said that its portfolio companies have produced more than 25 approved medical products including devices and drugs, and that since its founding the firm has funded 47 and exited or taken public 22 life science companies.
“Since its initial closing late last year, RiverVest Venture Fund IV has invested in eight high potential companies, including founding or co-founding three,” managing director John McKearn said in a press release.
