Red Tree Venture Capital, an emerging manager focused on early-stage life sciences companies, has held a first close on $133.3 million for its sophomore fund, which is targeting $350 million.
The firm, based in Red Wood City, California, was founded in 2020 by Heath Lukatch, a former TPG partner, and Jennifer Cochran, senior associate vice-provost for research at Stanford University and a bioengineering professor.
Lukatch, who is Red Tree’s managing partner, did not respond to a request for comment.
Fund II began marketing on January 2, 2024, and secured commitments from 22 investors, according to a regulatory filing. The only disclosed LP for the fund is the Fairfax County Police Officers Retirement System, which committed an undisclosed amount, according to fundraising data from affiliate title Buyouts (registration required).
Red Tree closed on $272 million for its debut fund in June 2022, according to Buyouts. That fund, which began marketing in August 2020, secured an undisclosed commitment from Eight Roads, a UK-based investment firm, Buyouts reported.
Red Tree has 11 companies in its portfolio. Most of them (five) are working on cancer treatments. They include Bicara Therapeutics, Biograph 55, Cargo Therapeutics, Kivu Bioscience and Rondo Therapeutics. Red Tree has also backed four companies working on treatments for neurological disorders: Ceribell, Contineum Therapeutics, Engrail Therapeutics and Magnus Medical.
“Red Tree Venture Capital has committed most of its inaugural fund in companies with roots or touch points from premier West Coast institutions, four of which are affiliated with members of Red Tree’s scientific advisory board,” the firm notes on its website.
“Each of these portfolio companies is at the forefront of pushing the boundaries of science within its field. This includes companies connected with Stanford University, the University of California, San Francisco, and the University of California, Los Angeles. Notably, Red Tree has led or co-led financing rounds in the majority of these investments.”
Before Red Tree, Lukatch spent nearly five years with TPG. He was a partner and managing director for TPG Biotech from May 2015 to December 2017, then a partner for TPG Growth and RISE from January 2018 to March 2020, according to his LinkedIn profile. Prior to that, he was a partner at life sciences investor Novo A/S for about nine years.
Lukatch is the board chair for Acrigen Biosciences and Magnus Medical and a board member for Engrail Therapeutics, Excellergy and Vaxcyte.
Red Tree’s investment team is rounded out by partner Jeremy Caldwell, who was previously CEO of Inception Therapeutics, Versant Ventures’ “discovery engine” for building new biotech companies.
Red Tree Venture Capital, an emerging manager focused on early-stage life sciences companies, has held a first close on $133.3 million for its sophomore fund, which is targeting $350 million.
The firm, based in Red Wood City, California, was founded in 2020 by Heath Lukatch, a former TPG partner, and Jennifer Cochran, senior associate vice-provost for research at Stanford University and a bioengineering professor.
Lukatch, who is Red Tree’s managing partner, did not respond to a request for comment.
Fund II began marketing on January 2, 2024, and secured commitments from 22 investors, according to a regulatory filing. The only disclosed LP for the fund is the Fairfax County Police Officers Retirement System, which committed an undisclosed amount, according to fundraising data from affiliate title Buyouts (registration required).
Red Tree closed on $272 million for its debut fund in June 2022, according to Buyouts. That fund, which began marketing in August 2020, secured an undisclosed commitment from Eight Roads, a UK-based investment firm, Buyouts reported.
Red Tree has 11 companies in its portfolio. Most of them (five) are working on cancer treatments. They include Bicara Therapeutics, Biograph 55, Cargo Therapeutics, Kivu Bioscience and Rondo Therapeutics. Red Tree has also backed four companies working on treatments for neurological disorders: Ceribell, Contineum Therapeutics, Engrail Therapeutics and Magnus Medical.
“Red Tree Venture Capital has committed most of its inaugural fund in companies with roots or touch points from premier West Coast institutions, four of which are affiliated with members of Red Tree’s scientific advisory board,” the firm notes on its website.
“Each of these portfolio companies is at the forefront of pushing the boundaries of science within its field. This includes companies connected with Stanford University, the University of California, San Francisco, and the University of California, Los Angeles. Notably, Red Tree has led or co-led financing rounds in the majority of these investments.”
Before Red Tree, Lukatch spent nearly five years with TPG. He was a partner and managing director for TPG Biotech from May 2015 to December 2017, then a partner for TPG Growth and RISE from January 2018 to March 2020, according to his LinkedIn profile. Prior to that, he was a partner at life sciences investor Novo A/S for about nine years.
Lukatch is the board chair for Acrigen Biosciences and Magnus Medical and a board member for Engrail Therapeutics, Excellergy and Vaxcyte.
Red Tree’s investment team is rounded out by partner Jeremy Caldwell, who was previously CEO of Inception Therapeutics, Versant Ventures’ “discovery engine” for building new biotech companies.
