NEWS: Visionary Venture Fund II Officially Launched. First Fund Sees 33% IRR in 2018….
It’s official. OCTANe has launched the sequel fund to its first Visionary Ventures LP fund.
This one, known as Visionary Ventures II LP, will be a more diversified fund with a primary focus on ophthalmology. Its secondary focus will be on aesthetics in the medical device and pharma realms.
The first fund is performing in the top decile of all global venture funds, with OCTANe as a key partner, OCTANe CEO Bill Carpou told OC Startups Now.
To illustrate that, Carpou provided details of the first fund’s 2018 returns.
Tear Film, for example, was sold to Alcon, giving investors an IRR of 283%.
Another startup, IanTECH, was sold to Zeiss, a German manufacturer of optical systems, as well as industrial measurement and medical devices, for an IRR of 58%.
The total IRR for the portfolio in 2018 was 33% (net).
About 75% of the first fund has been invested. It will co-invest along with the second fund
Second Portfolio Will Be More Diverse
The target goal of the fund is $100 million.
It will invest in Series A rounds and beyond, with a later-stage focus.
For medical device companies, it will look for those in clinical development before any significant trials and those at the last funding stage before commercialization.
For pharma startups, it will seek out those in clinical development of Phase IIa to Phase IIb trials.
It will look for companies to invest in globally.
Jeffry Weinhuff is the managing partner of both funds.