There are 105 early stage venture capital funds in market focused solely or primarily on investments in North America. Collectively, these early stage vehicles are seeking an aggregate $7bn in capital commitments, and 40% have held at least one interim close, having secured $1.2bn in investor capital. Aggregate capital sought by North America-focused early stage funds currently in market remains at the same level as seen in July 2012, when 84 funds were in market seeking $7bn.
North America-focused early stage vehicles with a primary focus on the information technology and healthcare industries account for the largest amount of targeted capital, representing $2.3bn and $1.8bn respectively.
The largest North America-focused early stage fund currently in market is JAFCO Technology Partners V. Managed by JAFCO (Japan), the fund is seeking $300mn in capital commitments for investment in industries such as technology and IT sectors.
The largest early stage fund focused on investments in North America being raised by a first-time manager is Lightstone Ventures. The fund is managed by Lightstone Ventures, founded in 2012 by the General Partners and other key members of the life science teams of Advanced Technology Ventures (ATV) and Morgenthaler. The fund is seeking $250mn in capital commitments for investment in early stage healthcare, medical devices and therapeutics in the US.
As of July 2013, 28 North America-focused early stage vehicles have held a final close, having raised an aggregate $3.4bn in capital commitments. Third Rock Ventures III is the largest early stage fund to close during this period, having raised $516mn, surpassing its $425mn target. The fund invests in start-ups and growing companies in sectors such as biotechnology and medical technologies.