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.