Firm: Perseus LLC
Fund: Perseus Partners VIII LP
Target: Minimum of $400 million
Placement Agent: None
Not wanting to get bogged down raising a conventional fund,
The goal is to be able to raise
The Washington, D.C.-based firm expects to hold a first closing with a group of investors in the first quarter of 2010, and then hold successive closings every three to six months to admit more limited partners into the mix. The firm has already received several commitments, said our source, who declined to disclose a specific amount. In September, sources with knowledge of the situation told Buyouts they anticipated the first close to be held before the end of 2009.
Perseus closed its previous fund,
Expect commitments to the new vehicle to come mostly from returning LPs, with occasional pledges coming from new investors. Perseus is also considering a targeted effort to attract new LPs based in Europe and Asia, our source said.
According to public documents, investors in Perseus Partners VII include the
As of March 31, 2009, Perseus Partners VII had generated a return multiple of 1.05x and a net IRR of 5.7 percent for the University of California. Perseus’s three main target areas include undervalued or distressed investments; biotechnology and medical device businesses; and technology investments related to energy, environmental and engineering concerns.