The firm plans to close the fund, which is targeted at $577 million, early next year. One limited partner in the new fund told VentureWire that the fund is already oversubscribed.
The firm last year raised about $460 million for its fourth early stage fund.
Santé raises $300M for inaugural fund
The firm will focus on seed and early stage companies nationwide that are developing innovative new medical technologies and health care services. The firm was co-founded by three former managers from Austin Ventures, Ascension Health Ventures and Ascension Health Ventures.
The firm, which has offices in Austin, Texas, and Brentwood, Tenn., has already invested from the new fund.
Spinal Restoration, Inc., an Austin, Texas-based medical device company, raised $16 million in a Series B round from Santé Health Ventures, MB Venture Partners, Austin Ventures and Path4 Ventures.
RiverVest to open Cleveland office
Karen Spilizewski, who is joining RiverVest on a part-time basis as a vice president on Jan. 1, will manage the new office.
Spilizewski joined BioEnterprise in 2005. Before that, she was at Avery Dennison, working in research and business development.