Mountain Group affiliate targets raising $125MM in venture capital funds
By Milt Capps updated 2:37pm
Updated 2:37pm see notes in story.-Ed.
MGC Venture Partners 2018 LP, an affiliate of Nashville-based Mountain Group Partners (MGP), has filed to raise $125MM and on July 11 it reported having gathered $48,573,834.
MGP, officially registered in Delaware in 2002 and in Tennessee in 2003 as Mountain Group Capital, is, according to its website, "dedicated to investing in and actively guiding transformational businesses in the Life Sciences and Technology sectors." It says the group has invested in more than 30 companies.
The group's other vehicles include MGC Venture Partners 2013 LP, Limestone Fund (a TNInvestco funded by the State of Tennessee), and various private capital accounts. The group's 2013 MGC Venture Partners 2013 LP initially filed for a raise of about $21.5MM.
After publication of this story, a representative of the firm said total committed capital for 2013 LP, which has mostly been deployed, was $50,046,038.
The representative also said that, in addition to its traditional emphases, 2018 LP will also be investing in agtech and will be bringing on a new partner specializing in building that sector within the portfolio.
The team's Venture investment strategy and portfolio and its Buyouts strategy and portfolio are on their website.
The group also says online that it "invests in seed and early stage companies. Within Life Sciences, the fund focuses on Devices, Diagnostics, and Nutraceuticals & Expedited Drug Development. Our firm places a premium on those innovations that have existing intellectual property or a novel scientific foundation for building intellectual property. Technology investments focus on Business Services, Consumer and Healthcare Technology, targeting those ideas with quantifiable development risk and a rapid path to market."
Persons or entities associated with the most recent filing include Founder Joe Cook Jr., Byron Smith, Joseph Cook III, Robin Readnour, Jason Ferguson, Steven Singleton. VNC