ST. LOUIS, MO (Mar. 24, 2021) – From the St. Louis Business Journal
RiverVest Venture Partners has added dry powder to its arsenal.
The Clayton-based venture capital firm on Tuesday said it has raised $275 million for its fifth life sciences fund. The new fund is RiverVest’s largest-ever, providing an amount of capital that co-founder and Managing Director Jay Schmelter said will allow the firm to bolster its investment strategy.
Founded in 2000, RiverVest backs early stage biopharmaceutical and medical device startups. It has invested in 55 companies, 18 of which have been sold and another eight that have gone public.
RiverVest’s Fund V comes as the venture capital firm in recent years has seen its total assets under management grow rapidly. The new fund brings RiverVest’s total assets under management to more than $1.6 billion.
The Business Journal caught up with Schmelter to discuss RiverVest’s new fund. The conversation has been edited for length and clarity.