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US-based Intersouth Partners raises $205m for early-stage venture fund

North Carolina-based venture firm Intersouth Partners, which focuses on emerging life sciences and information technology companies in the US, has announced a final close of its Fund VI with $205m.

Intersouth stressed the difficult fundraising environment in which the commitments had been gained. ‘We were fortunate to have continued support from our previous investors, along with a handful of new limited partners, and this enabled us to complete our fundraising process in seven months.'

Institutional investors were mostly US-based, but Intersouth said that 22 per cent of funds came from investors based outside the US. Some 37 per cent of the commitments came from new investors.

Intersouth will stick to its investment strategy of focusing on seed and early-stage investments in the south-east and mid-Atlantic regions. The firm hopes to make its initial investment in the first quarter of 2003.

Although venture firms are deeply out of vogue among institutional investors at present, the more established firms with longer track records have still been able to attract investment in this difficult environment.

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