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Pennsylvania-based PA Early Stage Partners holds first close on third fund with $68m

PA Early Stage Partners has announced the first close of its third fund with commitments of $68m, over half way towards the target of $100m, defying the tough fundraising climate for venture capital firms.

The firm pointed to the opportunities available in the early-stage investment arena. ‘We have an experienced investment team, with a strong track record, that looks forward to taking advantage of a marketplace that is exceptionally attractive for early-stage investment,' said Michael G Bolton, managing director and founder of PA Early Stage Partners.

PA Early Stage Partners III will focus on investing in early-stage IT and life sciences companies throughout the Mid-Atlantic region, with a particular emphasis on Pennsylvania.

‘When you take a close look at the universities, research centres, IT and pharmaceutical companies, and various support activities, it is clear that Pennsylvania is technology-rich and ideal for the creation of strong early stage companies,' said Robert M McCord, managing director of PA Early Stage Partners.

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