PRINT THIS PAGE Canaan Partners closes fund on $650m
08/02/2008. Source: AltAssets. 
Venture capital firm Canaan Partners has closed its eighth fund, Canaan VIII, on its target of $650m. The new fund will focus on the technology and healthcare sectors and brings Canaan's total capital under management to $3bn.
Investors in the fund comprised pension funds, university endowments, insurance companies and funds of funds, including Performance Equity (formerly GM Pension Fund), Abbott Capital and Pantheon Ventures.
Canaan plans to begin investing the fund this year, according to a statement.
Deepak Kamra, general partner at Canaan, said, 'For 20 years, Canaan has been helping innovative technology and healthcare companies achieve exceptional growth and success; the additional capital in Fund VIII will allow Canaan to seek out new, exciting companies and noteworthy entrepreneurs across the globe. In addition to our Silicon Valley base, we have key personnel on the ground in India, Israel and the New York corridor and have already made significant investments in these regions.'
The increased size of the fund will allow Canaan to expand its reach in India and Israel, said the firm. Canaan has previously made investments in these areas in companies such as Indian wedding website BharatMatrimony and Israeli mobile video business LiveU.
The firm's previous fund, Canaan VII, closed in April 2005, on $450m.
Copyright © 2008 AltAssets
|
