Split Rock closes $300m venture fund

The St. Paul Venture Capital spin-out saw all of its limited partners return for its second fund.

US venture capital firm Split Rock Partners, which specialises in medical device deals, has closed its second fund on $300 million (€194 million).

The fund will target early stage companies in the healthcare, internet and software sectors in the US’ Upper Midwest and West Coast regions, sectors and regions the St. Paul, Minnesota-based firm has focussed on since St. Paul Venture Capital split into two firms in 2004.

The other firm formerly known as St. Paul Venture Capital, Boston-based Vesbridge Partners, has a greater eye toward the East Coast and focusses on networking technology and IT infrastructure investments.

Split Rock said all of its limited partners returned from its debut fund, which closed on $275 million in April 2005. Those LPs included fund of funds Adams Street Partners, the Minnesota State Board of Investment and fund of funds Montagu Newhall Associates.

In conjunction with the fund close, Josh Baltzell, a healthcare-focussed associate, was promoted to managing director. He joins the firm’s co-founders, Michael Gorman, Jim Simons, Dave Stassen and Allan Will.

Split Rock continues to manage the healthcare and software portfolios of St. Paul Venture Capital, which was founded in 1997 as the corporate venture arm of the Travelers Companies insurance group.