ANN ARBOR – Arboretum Ventures LLC is raising a new fund of $215 million,
according to a form filed with the U.S. Securities and Exchange Commission, what would be the
largest VC fund in Michigan, Crain’s Detroit reported Thursday.
The previous largest was the $180 million raised in 2013 by
Farmington Hills-based Beringea LLC for its Michigan Growth Capital Partners II
fund.
Because of SEC regulations restricting publicity for VC
firms that are raising money, Tim Petersen, a co-founder and managing director
of Arboretum, declined to comment about how much may have been raised so far or
when the firm hopes to finish fundraising. His co-founder is Jan Garfinkle.
Arboretum finished raising its last fund, of $138 million,
in 2011. The company had planned to raise a $125 million fund then, but it was
oversubscribed because of a recent string of successful exits for its portfolio
companies.
In 2008, Ann Arbor-based HealthMedia Inc., a wellness
website, was sold to Johnson & Johnson for about $200 million.
In 2010, Ann Arbor-based HandyLab Inc., a medical device
company, was sold to New Jersey-based Becton, Dickinson and Co. for $275
million.
In 2011, Ann Arbor-based Accuri Cytometers Inc., another
medical device company, was also sold to Becton, Dickinson for $205 million.
In 2013, Arboretum had another successful exit when Ann
Arbor-based Esperion Therapeutics Inc. executed an initial public offering of
$73 million.
In March of this year, Esperion raised $190 million in a
secondary offering.
Arboretum was founded in 2002 and finished raising its first
fund of $24 million in 2005. It closed on its second fund of $73 million in
2009.
According to its website, the company has invested in more than 30 companies.
The six companies for which Arboretum has had exits have an aggregate valuation
of about $3.5 billion.
