Osage University Partners (“OUP”), a Philadelphia area-based venture capital firm, today announced the closing of Osage University Partners III, L.P. (“OUP III”) at $273 million, exceeding its target of $250 million. OUP III marks the firm’s third fund dedicated to investments exclusively in startups that are commercializing university research, bringing OUP’s total assets under management to approximately $600 million.
OUP III has signed exclusive long-term contracts with 19 Core Partners including many of the leading research universities in the U.S. This includes 15 renewing Core Partners from OUP’s previous funds as well as 4 new Core Partners. The fund also has non-exclusive Associate Partner relationships with an additional 79 universities, research institutions, and accelerators in the U.S. and abroad. A full list of OUP’s partner universities can be found here.
Through a deep relationship with the Technology Transfer Offices of these institutions, OUP has backed 90 of the most exciting companies based on university research to date. OUP II, a $215 million fund closed in 2015, backed several university spinouts that have gone public, including Aptinyx (APTX), Biohaven Pharma (BHVN), Kura Oncology (KURA), Homology Medicines (FIXX), Selecta Biosciences (SELB), Spero Therapeutics (SPRO), and Synthorx (THOR). OUP II has also had two recent and successful portfolio exits via acquisition: Body Labs was acquired by Amazon and Cell Design Labs was acquired by Gilead Sciences.
Consistent with the strategy employed by its first two funds, OUP III will invest in companies developing technology discovered in the labs of its partner institutions.
Typically, these institutions hold co-investment rights in their spinouts, which they assign to OUP III in return for a share of the fund’s profit. OUP III will invest in companies across all sectors of life sciences and technology, and across all stages of development, from seed to late stage/pre-IPO. OUP III expects to invest in about 40-50 university start-ups.
“We are thrilled to have exceeded our fundraising target, and we are deeply humbled by the support our new and returning investors have shown for our unique investment model and the OUP team,” commented Bill Harrington, Managing Partner at OUP. “Our goal is to work with world-class professors, entrepreneurs, and venture investors to help turn university research into life-changing products, generating exceptional returns for our limited partners in the process.”
The Managing Partners of OUP III are Marc Singer, William Harrington, MD, and Robert Adelson, each of whom has over twenty years of venture investment experience.
The closing of OUP III coincided with the promotion of Matt Cohen, PhD, to Partner. Matt joined OUP in 2013 and focuses on investments in life sciences. OUP made two additional promotions on its investment team. Manny Stockman, PhD, was promoted to Principal on OUP’s tech team. Anurag Agarwal, PhD, was promoted to Senior Associate on OUP’s life science team.
“These promotions reflect our firm’s commitment to recognizing excellence,” said Marc Singer, Managing Partner at OUP. “Each of these individuals has been instrumental in our firm’s rapid growth and success. We are confident they will be even more effective in their new roles as OUP continues to establish itself as a leading investor in university startups.”
Source: Osage University Partners raises $273 mln for third fund – PE Hub
