Fresh off yesterday’s announcement that Tri-Star Technology Fund LLC was one of six venture capital groups chosen to participate in the state’s TNInvestco program, Harry Jacobson said he is working on plans for a separate health care fund in 2010.
Jacobson, who stepped down from his role as vice chancellor for health affairs at Vanderbilt University Medical Center in June, said the fund is in the planning stages. The real work of putting together a team and raising money will start in 2010.
“My plan was always that in January, or after I transitioned out of Vanderbilt, that I would be looking at developing a fund,” he said. “It would be a health care fund, but it would not be a venture, early-stage [vehicle] but a larger fund that invests a little bit later in the life cycle of a company.”
Through the TNInvestco program, Tri-Star will invest its $20 million share in about 10 early-stage companies over a three-year period, focusing on medical device, diagnostics and information technology businesses. Christopher Rand and Brian Laden, both employees of Vanderbilt’s technology transfer office, round out the Tri-Star team.
If the investments do well, Tri-Star may raise another fund after that three-year period, regardless of whether the state continues the TNInvestco program.
“If there’s an opportunity, the fund will be a bit larger,” he said. The targets likely would remain the same, perhaps with the addition of early-stage health care services businesses.
You must be logged in to comment. If you do not have an account, you can join our esteemed subscribers.