Oakland, Calif.-based Kaiser Permanente's venture capital arm announced Dec. 5 the close of its fifth investment fund, bringing Kaiser Permanente Ventures' total assets under management to more than $500 million.
The $141 million Fund V closed with commitments from not only Kaiser Permanente, but also Detroit-based Henry Ford Health System, Watertown, Mass.-based Tufts Health Plan and Pittsburgh-based Highmark Health subsidiary Highmark Ventures.
KPV facilitates collaborations between its parent organization, investment partners and healthcare-focused entrepreneurs to accelerate the development of innovative solutions to the most pressing unmet needs of healthcare. The program was started in 1998 and has since invested in more than 70 companies through its venture funds.
"We are in the midst of a tremendous opportunity as the U.S. healthcare system transitions to value-based care," Chris Grant, co-founder of KPV and executive vice president and COO of the Permanente Federation, said in the announcement. "To succeed in this shift, and to help Kaiser Permanente advance its own efforts to deliver high-quality, accessible and cost-effective care, we continue to find and fund the innovations and entrepreneurs that understand where the system is headed and that can enable its future success."
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