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Venrock raises USD350m diversified venture fund

Venrock, a venture capital firm originally established as the venture arm of the Rockefeller family, has closed Venrock VI, a USD350m diversified venture capital fund focusing on investments in early stage technology, healthcare and energy companies.

With the close of Venrock VI, the firm holds approximately USD2.2bn under management.

"The quality of Venrock’s team is illustrated by their continued ability to work with great companies and produce returns in this difficult venture capital environment. It is a testament to the firm’s efforts and success that the fund was oversubscribed, particularly when so many others are struggling to raise capital," says Geoff Love, head of venture capital investments at The Wellcome Trust. "The firm is stronger than ever, and we are pleased to be able to partner with Venrock again, embarking on our second decade alongside them."

Venrock was an early leader in healthcare venture capital, as initial investors in biotechnology pioneers Genetics Institute, Centocor, Idec Pharmaceuticals and Gilead Sciences; made early technology investments in market leading companies such as Intel, Apple Computer, 3Com, Check Point Software, DoubleClick and StrataCom; and its early energy portfolio includes investments in companies such as American Superconductor and California Energy.

Venrock has realised numerous exits recently, including Adify, Adnexus, athenahealth, Ciclon, DATAllegro, Sirna and Vontu.

"We have a focused team of proven investors who remain passionately committed to helping great entrepreneurs create big successes. Additionally, Venrock partners’ deep expertise in multiple sectors and collaborative investing approach enable us, nearly uniquely, to support companies that bridge these sectors, such as healthcare IT, biofuels, and energy systems and software," says Bryan Roberts (pictured), partner at Venrock. "With this fund, Venrock builds on over four decades of working with entrepreneurs. We are proud and grateful to have raised Venrock VI at the size and terms that we sought and we appreciate the continued support of our limited partners."

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