Hatteras Venture Partners has been selected by the State of North Carolina (NC) as the manager of the Venture Capital Multiplier Fund (VCMF), which has USD60 million in capital.
A portion of the VCMF has been committed to the latest Hatteras venture capital fund, Hatteras Venture Partners V (HVP V).
The remainder and significant majority of VCMF capital is allocated to co-investments in North Carolina Nexus companies.
For the purposes of the VCMF, NC Nexus companies are those that are headquartered in NC; have significant operations in NC; are commercialising intellectual property developed in NC; or as a result of investment, would initiate, expand, or restructure significant operations in NC.
To assist in managing the co-investment program, Hatteras has retained Charles Merritt as a special adviser, member of the VCMF investment committee, and a manager of the VCMF. Merritt, who was previously the co-founder and managing director of Parish Capital Advisors, will oversee the effort to identify and develop co-investment relationships with other venture capital firms and early stage investors.
“We are pleased to expand our existing relationship with the Treasurer of the State of NC with the VCMF mandate,” says John Crumpler, general partner. “Hatteras has a long and successful track record investing in high quality North Carolina companies like Viamet, Clinipace, G1 Therapeutics, Medfusion, NeuroTronik, GeneCentric, and Spyryx. We are thrilled to welcome Charles Merritt to our team to help us focus on high quality early stage co-investments in North Carolina.”
“The opportunity to partner with early stage funds and expand access to capital for North Carolina Nexus companies is truly exciting,” says Merritt. “We are already working with a number of managers across the state and beyond to create investment structures that leverage their existing capital and expertise.”
