Split Rock Partners Closes Oversubscribed First Fund With $275M
May 5, 2005 - SPLIT ROCK PARTNERS CLOSES OVERSUBSCRIBED FIRST FUND WITH $275 MILLION
MINNEAPOLIS (May 05, 2005) Split Rock Partners, LLC ("Split Rock"), a venture capital firm focused on healthcare, software, and Internet services, today announced the closing of Split Rock Partners, LP, raising $275 million from a targeted group of leading institutional investors.
Split Rock, with offices in Minneapolis and Menlo Park, was formed in June 2004 by the healthcare and software investment teams of St. Paul Venture Capital. The Split Rock team continues to manage St. Paul Venture Capital's existing healthcare and software portfolio. In healthcare, Split Rock specializes in medical device and specialty pharmaceutical opportunities. In software and services, the firm focuses on enterprise software and business and consumer services that leverage the internet. The firm's primary geographic focus is on companies based in the Upper Midwest and West Coast. The managing directors and co-founders of Split Rock are Michael Gorman, Jim Simons, Dave Stassen, and Allan Will.
"The positive response we received from a top-tier group of investors demonstrates strong support for Split Rock's team, investment strategy and the relationships we have built in the industry," said Michael Gorman, managing director and co-founder of Split Rock. "Our success in raising this fund is testimony to the talented entrepreneurs and quality co-investors with whom we have partnered throughout our history. We look forward to building on that foundation with this fund."
"We are enthusiastic about the opportunities we see in the marketplace and look forward to supporting strong management teams and the development of innovative companies with this capital," said Jim Simons, managing director and co-founder of Split Rock. "We plan to continue the disciplined investment approach that has served us well in the past. While the fund was oversubscribed, we worked closely with our investors to create a fund sized appropriately for today's venture landscape."
Split Rock Partners also announces the Fund's first investment in a startup company formed in collaboration with The Foundry (Menlo Park, CA), the premier medical device incubator founded by Split Rock managing director and co-founder, Allan Will. "We are pleased to continue this longstanding relationship, believing that The Foundry's nine companies represent some of the finest medical device opportunities in the nation," said Allan Will.
About Split Rock Partners Split Rock Partners, with offices in Minneapolis and Menlo Park, seeks emerging opportunities in healthcare, software, and Internet services primarily in the Upper Midwest and West Coast. Split Rock Partners was formed in June 2004 by the healthcare and software investment teams of St. Paul Venture Capital and continues to manage St. Paul Venture Capital's existing healthcare and software portfolio. Representative companies backed by Split Rock's team include Adaytum Software, Disc Dynamics, Dexcom, Emphasys Medical, LowerMyBills.com, QuinStreet and Xtent Medical. Additional information about the firm can be found at www.splitrock.com.