Cardinal closes $68.8M

Cardinal Health Partners has raised $68.8 million of its $175 million third fund from 11 accredited investors, according to a regulatory filing.

CHP III’s limited partners include the Los Angeles City Employees’ Retirement System and the State Teachers Retirement System of Ohio. Previous investors in Cardinal funds include AIG Global Investors Corp., Bank America Capital Corp., Northwestern University and The Robert Wood Johnson Foundation. The firm raised $117.5 million for its second fund in 2000.

The early stage firm took health care software company Visicu (Nasdaq: EICU) public in April 2006. Cardinal was the sole backer of the company’s $3 million Series A in 1998 and participated in its $12 million Series B during 2000. In all, Visicu raised more than $22 million from venture investors before its $94 million IPO. It was the Princeton, N.J.-based firm’s only exit last year, according to Thomson Financial (publisher of PE Week).

The regulatory filing only lists Cardinal’s three founders—John Clarke, Brandon Hull and John Park—as general partners. But the firm’s website also lists Charles Hadley and Lisa Skeete Tatum as general partners.