Canaan Partners, the international venture capital firm, has raised $600 million for its ninth VC fund. According to a statement from the firm, the fund will be split among Internet and tech investments and healthcare, life sciences and biotech deals in the US, India and Israel.
Additionally, Canaan will have a small personnel shakeup as part of its newest fund, its first since Fund VIII in 2008, which totaled $650 million. Warren Lee, who was promoted to general partner last year and integrated himself into the NYC tech scene, will be a GP on the new fund, and Eric Young, who works on healthcare deals for Canaan in Silicon Valley, will step away from his GP role and focus on investments from prior portfolios he has been overseeing.
Leading up to its latest fundraise, Canaan bagged plenty of exits to boast to LPs. Advanced BioHealing was snapped up by strategic buyer Shire for $750 million less than a year ago—the company was on the precipice of its IPO—the Active Network raised $165 million in an IPO last year and flash storage provider SandForce was bought earlier this month by LSI in a $350 million deal. Other Canaan deals include its investment in mobile gaming firm Kabam, dating site Zoosk, and, from its healthcare division, Liquidia Technologies and Theraclone Sciences.
Canaan GP Deepak Kamra said the fund’s strategy will essentially remain the same, with two-thirds of the fund going toward tech and Internet deals in the U.S., India and Israel, and the remainder going toward (more broadly) healthcare investments. Most deals will be first- or second-round investments, he said.
Late last year, Dow Jones broke the news of the fundraising, saying Canaan was targeting $550 million for the vehicle; peHUB spoke with a source who said the firm’s fund would come closer to matching its ’08 fund.
Limited partners in the fund include Abbott Capital and Performance Equity. peHUB could not immediately access return figures. Along with its international offices, Canaan has hung shingle in New York, Connecticut and Silicon Valley.