Intersouth Partners closed a $275 million seventh fund focused on investments in early stage opportunities in the Southeast United States. The Durham, N.C.-based firm has also added a new investor to its Washington D.C., office.
New Associate Hannah Chang comes to Intersouth from Cisco Systems, where she helped put together that firm’s defense and aerospace manufacturing group. Chang will be the first female investor to join the team.
Previous Intersouth limited partners include Duke University Management Co., Ewing Marion Kauffman Foundation, Endowment Fund, FINOVA Capital Corporation, J.P. Morgan & Co. Inc. and Nationwide Insurance Co.
Intersouth’s previous fund was a $205 million vehicle raised in 2002. Its only disclosed exit in 2005 was the sale of nTouch Research, a clinical drug tester, to Accelovance for an undisclosed price. The company raised more than $22 million in six rounds from Intersouth, Canaan Partners, Spotswood Capital, TriState Investment Group and BioVentures Investors.
Recent Intersouth investments include KAI Pharmaceuticals, based in San Francisco, which raised a $35 million second round for its cardiovascular drug development at the beginning of May; Proteon Therapeutics, based in Kansas City, Mo., which raised a $19 million first round for its vascular dialation drug in March; and FlatBurger, a software development company based in Loudonville, N.Y., which raised a $1.75 million seed round in March.