Hatteras Venture Partners has increased the size of its Fund III with another $20 million, VentureWire reported Monday.
The latest close raises the fund to $82 million.
Hatteras announced a first close of $60 million in February as part of several other changes in the firm. It recently moved into new offices at the American Tobacco Historical District complex in Durham.
The target for the third fund is $100 millionn.
Two institutional investors from the southeast made the latest investment, but the identity of the firms was not disclosed, VentureWire said.
As part of the changes announced in February, Robert Ingram, a former chief executive officer at Glaxo, joined the company as a general partner.
Douglas Reed, an M.D. and a 13-year venture capital veteran, also joined the firm as a general partner.
The new fund will be used for seed and early-stage investments in life science firms.
Hatteras was launched in 2000 by Clay Thorp and John Crumpler. Ken Lee and Dana Fowlkes later joined the firm.
The closing of the third fund boosts Hatteras’ total under management to more than $100 million.
Its second fund that was raised in conjunction with international fund HBM BioCapital. That fund includes $30 million from the Golden LEAF Foundation.
Hatteras recently participated in a $4 million of financing for Viamet Pharmaceuticals along with Intersouth Partners.