St. Louis, MO-based life sciences venture capital firm RiverVest Venture Partners closed its third fund at $80.2m.
RiverVest Venture Fund III, L.P. will continue the firm’s strategy investing in early-stage life science companies. Since its initial closing last year, the fund has made investments in three companies and is currently evaluating several other potential investments.
Established in 2000 and led by Jay Schmelter, Tom Melzer, John McKearn, Ph.D., and Niall O’Donnell, Ph.D., RiverVest has funded 32 and exited or taken public 19 innovative life science companies. It has assets under management of $290 million.
Its second fund, RiverVest Venture Fund II, invested $75m providing a net internal rate of return to its Limited Partners since inception of more than 20% per annum.