Hatteras Investment Partners, an investment advisory firm founded in 2003, is raising up to $500 million for a late-stage venture capital fund, according to a filing with the U.S. Securities and Exchange Commission.
A spokesperson for the firm confirmed to WRAL Local Tech Wire that a fund is being raised. However, another spokesperson declined to confirm or deny the effort, saying: “Unfortunately, we’re not allowed to comment on it.”
The fund is named Hatteras Late Stage VC Fund 1, the filing shows.
David Perkins and Mark Yusko founded Hatteras Investment Partners to provide guidance wealthy investors. According to the company’s Web site, Yusko has more than 12 years of experience in managing endowments at the University of North Carolina and at Notre Dame. He ran the UNC fund from 1998-2004. Perkins has 16 years of experience in the investment advisory business. He was co-founder and managing partner of CapFinancial Partners before launching the Hatteras venture.
Robert Worthington, another executive with the firm, worked most recently at JP Morgan Asset Management.
The fact Hatteras Investment Partners is raising the fund was first reported by Daniel Primack of Private Equity Wire on Thursday.
According to the filing, a copy of which was obtained by WRAL Local Tech Wire, the minimum amount the firm will accept from investors is $1 million.
While the SEC form shows no securities have been sold as of August 31 when it was submitted to the SEC, Pensions & Investments Online reported on September 3 that the New Orleans Employees’ Retirement System had committed to invest $5 million with Hatteras Investment Partners.
On the SEC filing, the Raleigh company’s name is listed as Hatteras Capital Investment Management.
Jeff Barber, managing partner for accounting firm PricewaterhouseCoopers in Raleigh, said the Hatteras Capital Investment Management fund sounds to him as if it is a fund that will invest in other venture capital firms rather that startup ventures.
“A fund of funds would invest in other venture funds,” Barber said.
The company Web site describes itself as a “fund of funds.”
If the fund were to focus on later-stage venture backed companies, Barber said a $500 million fund would likely “invest $5 million to $10 million and spread it across 20 to 30 companies.”