PALO ALTO, Calif., May 7 /Xinhua-PRNewswire/ -- Vivo Ventures, LLC. announced the closing of Vivo Ventures Fund VI, L.P. (the "new Fund" or "Vivo VI") at $275 million, which brings the firm's total funds under management to more than $650 million. Drs. Frank Kung, Edgar Engleman and Albert Cha, who managed Vivo Ventures Fund V, L.P. are the managing members of the new Fund, while Dr. Chen Yu, previously a Principal, was promoted to Partner.
The new Fund will follow the same general approach as Vivo's prior funds and invest in companies developing and commercializing therapeutic products -- drugs and devices that treat human disease. Since Vivo's inception in 1997, the funds have invested in 50 such companies, typically leading or co-leading their first institutional rounds. The new Fund will invest mainly in private companies in the U.S. Vivo VI will also invest in public therapeutics companies, as have all of the previous Vivo funds, and in companies outside the U.S.
Investors in the new Fund include university endowments, foundations, funds of funds, financial institutions, family offices and pension funds. In addition to investors from the U.S. and Asia that had participated in Vivo's earlier funds, Vivo VI added a number of new institutional investors from the U.S. and Europe.
