Leading Midwest and South Venture Firm Exceeds Target; Remains Focused on Healthcare, Media, Business Services Investments
LOUISVILLE, KY (February 27, 2008) – Chrysalis Ventures, a leading source of equity capital for young growth companies in the Midwest and South, today announced the final closing of its fourth investment fund with commitments totaling $163 million. The firm, which was founded in 1993 and invests primarily in healthcare services and technology, media and communications, and business services, exceeded its $150 million target for the fund.
Chrysalis Ventures’ fourth fund attracted commitments from a variety of institutions and high net worth individuals, many of whom have been serial investors in Chrysalis’ prior funds. The firm also welcomed such new limited partners as Morgan Stanley, Credit Suisse, and the Kentucky Teachers’ Retirement System.
The fund is managed by three managing directors who have been investing together successfully at Chrysalis Ventures for more than 10 years — David A. Jones, Jr., Koleman E. Karleski, and Robert S. Saunders. The managing directors and their affiliates, together with the professional staff of Chrysalis Ventures, are collectively the second-largest investor in the new fund. In addition, nine of the firm’s former portfolio company executives invested in the latest fund.
“Chrysalis Ventures’ 15-year track record is clear proof that entrepreneurs with great ideas are not purely a coastal phenomenon,” said Jamey Sperans, Executive Director Alternative Investment Partners for Morgan Stanley. “We have every confidence that Chrysalis will continue to find value in unexpected places and that investors will benefit as they help young companies realize their potential.”
“Chrysalis has a proven history of identifying and investing in the best young companies in Middle America, an area historically overlooked by the financial community and therefore ‘under-ventured,’” said David A. Jones, Jr., Chrysalis Ventures chairman and managing director. “We look forward to investing this new fund behind our focused investment strategy and developing further our geographic franchise.”
Chrysalis Ventures has made investments in over 55 companies in its three prior funds. Among its most successful realizations are Six Flags, ActaMed (subsequently acquired by WebMD), High Speed Access Corporation, Tritel (subsequently acquired by AT&T Wireless), Appriss, and Genscape.
Chrysalis Ventures has 12 investment and professional staff and two executives-in-residence.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in Middle America, the Midwest and South. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and business services. Based in Louisville, Kentucky, Chrysalis has $375 million under management and has made investments in over 55 companies. For more information, please visit www.chrysalisventures.com.