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Aurora closes on $85m fund

Aurora Funds Inc. of Durham has closed on a Fourth venture fund totaling $85 million that will Fuel the growth of entrepreneurial life-science and information-technology companies in the Southeast and Mid-Atlantic states.

While the nation has seen a steady decline in both the size and number of venture funds, Aurora Funds was actually able to exceed its original target of $75 million. The new fund has been dubbed Aurora Ventures IV LLC.

"While the current fund-raising environment is challenging for everyone, we are pleased that our investment strategy was viewed so positively by our investors," said Jeff Clark, managing general partner of Aurora. "This new fund offers Aurora a unique opportunity to invest in promising young companies at a time when other investors are simply not able to move forward."

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This latest fund attracted both new and old investors. New investors included GoldenLEAF of High Point. Previous investors included Duke Management Co. of Durham, SHV Capital Ventures of the Netherlands, and Silicon Valley Bank of Santa Clara, Calif. The North Carolina Biotechnology Center contributed $100,000 to the new fund.

With the addition of this latest fund, Aurora currently manages more than $150 million in four venture funds.

The company has invested in more than 35 early stage companies since 1995.

"The fact that Aurora has been able to successfully raise this fund, in a time of such economic and political unrest, is a testament to the firm and its reputation," said Les Bethune, a partner at Ernst & Young, which tracks and publishes data on global venture capital financing. "I would like to think that this is also an indication that things are improving locally and nationally, and I hope to see more successes like this one in the near future."

For more information visit the company's Web site at www.aurorafunds.com.

Technology Industry

Aurora closes on $85m fund

BT Catalyst, May, 2003

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