New Leaf Venture Partners
is raising its second fund with a $400 million target, although it could conceivably close as high as $500 million. The firm—with offices in New York and Menlo Park, Calif.—was founded in 2004 by the life sciences team from the Sprout Group, the longstanding venture capital affiliate of Credit Suisse First Boston.
The firm closed its inaugural fund in August 2005 with $310 million, and late last year had a big hit with the $480 million sale of Cerexa Inc. to Forest Labs. That deal could grow even larger, with $100 million in possible milestone payments. Cerexa had raised $50 million in a lone round of funding in 2005 from New Leaf and other investors, including Canaan Partners, Domain Associates, Frazier Healthcare Technology Ventures, Montreux Equity Partners, Pappas Ventures and Orbimed Ventures.
Glenmont seeks $50M
Glenmont Partners is raising up to $50 million for a fund that will back early stage companies in upstate New York, according to a regulatory filing. The Albany, N.Y.-based firm also will seek investments in New Jersey, Connecticut, Massachusetts and eastern Pennsylvania.
DFJ opens up in India
Draper Fisher Jurvetson
plans to open an office in Bangalore next month, according to The Economic Times. It will be run by Partner Mohanjit Jolly, who will relocate. Venture Partner Sateesh Andra will remain stationed in Hyderabad.
DFJ has allocated about $75 million of its $600 million fund for Indian portfolio companies.
MSBI nears $95M target
is raising its third fund with a $95 million target, according to VentureWire. The Montreal, Quebec-based firm backs early stage spinouts from Canadian universities. It held a $60 million first close back in April.