Selected by the State of North Carolina, Hatteras Venture Partners will be the manager of the fund, which has $60m to invest.
A portion of it has been committed to the latest Hatteras venture capital fund, Hatteras Venture Partners V, LP (HVP V). The remainder and significant majority of the capital is allocated to co-investments in North Carolina Nexus companies.
For the purposes of the VCMF, NC Nexus companies are those that:
a) are headquartered in NC,
b) have significant operations in NC,
c) are commercializing intellectual property developed in NC, or
d) as a result of investment, would initiate, expand, or restructure significant operations in NC.
To assist in managing the co-investment program, Hatteras has retained Charles Merritt as a Special Advisor, member of the VCMF investment committee, and a manager of the VCMF. Merritt, who was previously the co-founder and managing director of Parish Capital Advisors, will oversee the effort to identify and develop co-investment relationships with other venture capital firms and early stage investors.
Hatteras Venture Partners focuses on seed and early stage opportunities in biopharmaceuticals, medical devices, diagnostics, healthcare IT and related opportunities in human medicine. The firm has approximately $450 million under management in five venture capital funds.
Since its inception, Hatteras Venture Partners has invested in 22 private companies either headquartered in or with substantial operations in North Carolina.