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Technology Partners closes $300m cleantech and life science fund31/07/2007. Source: AltAssets. 
 Palo Alto, California-based venture capital firm Technology Partners has closed its latest fund, Fund VIII, on $300m - above its $250m target. With its new fund the firm will continue to invest in seed, early stage and later stage opportunities in the cleantech and life science sectors.
Investors include returning investors from prior funds and new institutional investors from the US and Europe.
Ira Ehrenpreis, a general partner at Technology Partners, told AltAssets, '$300m is the optimal size for our multi stage strategy. This size enables us to do the early, even seed stage investing that we do; it also enables us to invest in later stage opportunities when we find good deals at attractive valuations.'
Ehrenpreis emphasised that the firm has had experience in both areas, life science and cleantech for almost two decades. It made its first 'cleantech' (at the time the firm refered to it as energy tech) back in the early 1990s.
Within the cleantech sector, Technology Partners has developed particular expertise in energy technology, water technology and advanced materials. Within life science, investments focus on opportunities in neuroscience and lifestyle therapies (including aesthetics such as botox, and obesity therapies).
Fund VIII has already invested in four companies: Nfocus NeuroMedical, SpectraGenics, Tesla Motors and an unnamed stealth solar company.
Technology Partners' team includes general partners Ehrenpreis, Roger Quy, Jim Glasheen and Sheila Mutter; and Ted Ardell as a venture partner. Ehrenpreis leads the fund's investments in cleantech. He is the former chairman of the advisory board of the Cleantech Venture Network and is currently serving as a member of the board of the National Venture Capital Association and the board of the Western Association of Venture Capitalists.
Technology Partners currently manages approximately $750m of investment capital. The firm closed its previous fund, Technology Partners VII, on $250m in 2000.
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