Healthcare Innovation Fund adds to raise [1]
The Heritage Healthcare Innovation Fund has filed papers with regulators showing that it has raised $26 million since January, putting it three-quarters of the way to its stated goal of $200 million.
The fund, which was launched in early 2011, aims to invest in young companies that promise to improve the quality and efficiency of care delivered in hospitals. It was backed initially by local hospital chains Community Health Systems, LifePoint Hospitals and Vanguard Health Systems as well as health systems in Iowa and Michigan — and managed by Rock Morphis, David McClellan and their team at the Heritage Group.
In a filing with the Securities and Exchange Commission [2], Morphis and McClellan say they have now raised a shade over $157 million from 29 investors. Three months ago, those numbers stood at $131 million and 18, respectively. Details about those increases — and whether the Healthcare Innovation Fund has put any of its money to work— could not be obtained; a Heritage employee told NashvillePost.com no one was available Thursday to talk.
Also of note in this week’s filing: The minimum investment in the fund has been lowered to $100,000 from $1 million.
- Health Care [3]
- Finance [4]
- Heritage Group [5]
- Heritage Healthcare Innovation Fund LP [6]
- David McClellan [7]
- Rock Morphis [8]
- Hospital management: general acute-care [9]
- Venture capital [10]