PRINT THIS PAGE Quaker BioVentures closes second fund on $420m28/04/2008. Source: AltAssets. 
Life sciences-focused venture capital firm Quaker BioVentures has closed its second fund, Quaker BioVentures II, on $420m, exceeding its $300m target. The fund held an interim closing on $17m in April of 2007. The new fund will continue Quaker's investment focus on life science companies in the US Mid-Atlantic region.
Investors in Quaker BioVentures II comprise existing investors as well as new institutional investors such as public pension funds and funds of funds. These included Pennsylvania Public School Employees' Retirement System, School Employees Retirement System of Ohio, Tobacco Settlement Board, Dow Chemical Pension Fund and the New Mexico State Investment Council.
Sherrill Neff, a founding partner of Quaker, said, 'The Mid-Atlantic region continues to lag in the pace of life sciences venture investment, even though it is home to many of the world's largest pharmaceutical companies, leading research institutions and government agencies.'
Ira Lubert, a founding partner of Quaker, added, 'Our investors recognise Quaker's regional and industry focus as a differentiator for us in the venture capital market, and have been instrumental in enabling the firm to expand its world-class management team, resources, and ability to support the growth of so many successful companies. We are grateful to them for sharing our vision and allowing Quaker to not only meet, but exceed expectations for our second fund.'
Quaker has already made commitments to five regional life science companies from its second fund. The companies are Argolyn BioScience, Diasome Pharmaceuticals, EKR Therapeutics, Optherion and Transave.
Quaker BioVentures II brings the firm's total assets under management to $700m.
Quaker invests in companies at all stages of development, from early stage businesses to public companies. The firm closed its first fund on $280m in September 2004.
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