Osage raises $100 million venture fund

Osage Partners, of Bala Cynwyd, has raised $100 million for a venture capital fund that has teamed up with eight universities and is focused on investing in start-ups that emerge from work being done on campus.

Called Osage University Partners I, the fund will invest in both early- and late-stage companies involved in a wide range of industries, such as therapeutics, medical diagnostics, advanced materials, cleantech and software.

Managing partner Marc Singer said the fund enables the universities to participate in venture-capital rounds they'd previously were unable to fund. Osage has signed contracts with the University of Pennsylvania and seven other institutions:

  • California Institute of Technology;
  • Columbia University;
  • Duke University;
  • University of California at Berkeley;
  • University of Florida;
  • University of Michigan;
  • Yale University.

Singer said the size of initial deals would be between $1 million and $2 million, but the fund would look to invest a total of $3 million to $5 million in a single company over time. In all, Osage University Partners is seeking to invest in 40 companies.

The fund has already invested in nine companies, including Avid Radiopharmaceuticals Inc., a life-sciences firm that had emerged from Penn and was acquired by Eli Lilly & Co. last November.