Divided we stand
Industry watchers have wondered for some time what the Monday partner meetings are like at venture firms that invest in both internet plays and biotechnology, given the different recent experiences of both.
Institutional Venture Partners (IVP) and Brentwood Venture Capital provided one answer, as they are abandoning the "generalist" venture investing model by creating two specialized firms that will consolidate the health care and information technology teams from each firm under separate umbrellas.
The new health care firm - Pinnacle Venture Capital - is betting the "specialized" approach will help raise $200 million in the coming months, and enable it to get in front of the blue-chip health care deals.
Pinnacle consists of Sam Collela and Becky Robertson of IVP and Brentwood's Ross Jaffe, Brian Atwood and Bill Link. The fund will focus on early stage investments in health care, and will begin the fundraising process in October after adding two more partners.
Pinnacle hopes that its dedicated seven-member team will provide the specialized intelligence that the complex health care space requires. "Deep domain knowledge and experience investing in this world is extremely important if you want to be a top-shelf VC," Colella said.
Added Atwood, "The biotech industry has changed significantly since