Brook II will invest $100 Million in expansion stage Med Tech & IT companies
Boston, MA – Brook Venture Partners (“Brook”), a provider of capital to expansion stage companies, announced today that it has held the final closing on its second fund, Brook Venture Fund II, LP (“Brook II”). Investors include the State of Pennsylvania, State of Vermont, Finance Authority of Maine, Bank North, Merrill Lynch, Brooke Private Equity, Green Stamp America, and other institutional and individual investors.
The $100 million fund will make investments in select IT and Medical Technology companies throughout the Northeast. “Our investors selected Brook because of our team’s top quartile performance and the fact that we’re one of the few funds focusing on an underserved niche,” said Ned Williams, partner with Brook. “Most funds have left the $2-5 million investment segment, whereas Brook has demonstrated this niche to be a vibrant market for finding good companies at reasonable valuations.”
Brook II is a licensee of the Small Business Administration’s highly selective SBIC program. In 2005, when the Fund received its license, the SBA issued a total of only eleven such licenses to funds across the country.
“We demonstrated our investment capabilities to the SBA, as well as our ability to assist companies during the most rapid stage of their growth. We are very pleased to have received the license and be part of this program,” said Walter Beinecke, partner with Brook.
Investment Focus & Strategy
Brook invests primarily in expansion stage companies in the Information Technology and Medical Technology sectors. Investments made by Brook II to date include Repromedix Corp., Wandrian, Inc., HistoRx, Inc., and Anodyne Health Partners, Inc.
“IT and medical technology are two key high growth/high innovation areas experiencing a need for capital and the kind of advice and counsel a venture investor can offer,” said Fred Morris, partner with Brook.
“Young companies increasingly need expansion stage capital and welcome Brook’s investment approach,” said Andrew Clapp, partner with Brook. “Brook fills the gap between the smaller, individual investors who top out at around $1 million, and larger private equity players who typically invest far more than $5 million per deal. We provide that critical $2-5 million piece that can accelerate a young company’s growth.”
About Brook Venture Partners
Headquartered just outside of Boston, Brook Venture Partner’s investment team includes four senior partners: Andrew Clapp, Fred Morris, Ned Williams, and Walter Beinecke, and a seasoned support team. Having invested in dozens of companies, Brook provides capital, counsel and a team-building approach to investing that builds young companies to a ‘mid-market’ size. For additional information, go to www.brookventure.com or call 781-295-4000.