Steve Burrill may have encountered some difficulty raising local money for a planned $1 billion fund to back the Elk Run BioBusiness Center in Pine Island, Minn.
But that hasn’t stopped the famed San Francisco-based investor from seeking other opportunities around the world.
Burrill told Dow Jones Newswires Wednesday that he will partner with Austral Capital Partners to create a life science fund in Chile. The Burrill Chile Fund has much more modest expectations than Elk Run: $40 million to $50 million over the next few months and $100 million to $150 million over the next “several years,” Burrill told Dow Jones.
By contrast, Burrill told the Star Tribune in Minneapolis last year the he hoped to raise the $1 billion Elk Run fund by the end of 2009. Since then, Burrill has kept mum on his fundraising efforts.
Let’s hope Chile will be kinder to Burrill than Minnesota thus far.
