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Finistere Plans New Venture Fund

Xconomy San Diego — 

Finistere Ventures, a San Diego venture capital firm that has maintained a low profile while investing in early stage medical device and agricultural biotech startups, is laying plans to raise another venture fund next year. Managing Director Bruce J. “Jay” Brumfield confirms a report in VentureWire today, which says the Finistere Ventures II fund will exceed the $35 million the firm raised for Finistere Oceania Partners I and Finistere Chicago Partners I. But Brumfield says it’s still too early in Finistere’s capital-raising plans to discuss details. Finistere closed Finistere Oceania Partners I (raised from New Zealand institutions) and Chicago Partners I (raised from Chicago-area individual investors) in 2005. The firm drew capital equally from both funds in making its investments in 14 startup companies.