OUP has closed an oversubscribed third fund that it expects will invest in 40 to 50 spinouts, primarily originating from 19 core partner institutions.
US-based spinout-focused investment firm Osage University Partners (OUP) closed its third fund at $273m yesterday, breaking through its $250m target set last June.
Osage University Partners III will invest in 40 to 50 spinouts, backing life science and technology companies from the seed to growth stages.
The firm has signed exclusive, long-term contracts with 19 core partners, of which 15 renewed the partnership from previous funds. Universities will typically assign their co-investment rights to OUP and in return will receive a share in the fund’s profit.
OUP III’s core partners include California Institute of Technology, University of California (UC) Berkeley, UC Davis, UC Los Angeles, UC San Diego, UC San Francisco, UC Santa Barbara, and Massachusetts Institute of Technology.
They also include Columbia, Duke, Harvard, New York and Northwestern universities as well as the universities of Florida, Illinois, Illinois at Chicago, Michigan, Pennsylvania and Washington.
The fund has also secured non-exclusive associate partnerships with an additional 79 universities, research institutions and accelerators in the US and internationally.
Marc Singer, William Harrington and Robert Adelson are managing partners of OUP III. The firm has also promoted Matt Cohen to partner, Manny Stockman to principal on the technology team and Anurag Agarwal to senior associate on the life science team.
Osage University Partners now has approximately $600m under management, having closed OUP II with $215m in funding in 2015. The firm has backed a total of 90 companies to date.
Harrington said: “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.
“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.”
