Startups, Devices & Diagnostics

Family office is raising $30M for medtech and health IT investment follow-on fund

The Dallas-based fund has a portfolio of 40 seed and early stage companies.  Carl Soderstrom, the founding partner of Green Park, is also the cofounder of the Health Wildcatters accelerator.

Green Park & Golf Ventures, a family office that zeroes in on the medtech and health IT sectors, has raised a portion of its $30 million follow-on investment fund. The goal is to raise the fund by the end of the year.

The Dallas-based fund has a portfolio of 40 seed and early stage companies. Carl Soderstrom, the founding partner of Green Park, is also the cofounder of the Health Wildcatters accelerator.

In response to an email, Soderstrom offered some details on Green Park’s investment strategy. It has invested 40 percent of its capital in medical devices, 20 percent in therapeutics, 20 percent in software as a service and health IT, 10 percent in diagnostics, 5 percent in dental, and 5 percent in medically related consumer goods. Although it doesn’t have a specific condition focus, the firm is interested in technologies, services, and devices that would truly disrupt the current best practice, device or therapeutic.  

For its latest fund, Green Park invested in Adient Medical, which produces a catheter-based cardiovascular device. It has also allocated funds to Microtransponder, a neurostimulation device for stroke rehabilitation and to reduce the severity of tinnitus symptoms. Channel Medsystems, which produces an endometrial cryo-ablation device, is another portfolio company.

The bulk of Green Park’s portfolio — 70 percent — has received follow-on funding. One example of a health IT company it has invested in is Validic, which de-silos and aggregates data from medical devices to provide contextualized insight for clinicians and patients.

There an estimated 3,000 family offices in the U.S., with more than $1.2 trillion in assets, according to a Wall Street Journal article citing data from the Family Wealth Alliance. Direct investments in private equity, venture capital, and real estate account for 29 percent of an average family office portfolio the article noted, citing research from UBS/Campden Wealth Global Family Office report.

Although he acknowledged that family offices frequently invest in healthcare, it’s usually associated with a condition affecting a loved one.  I don’t see many family offices that are dedicated to healthcare, they are usually quite diversified.  Sometimes, if the patriarch or matriarch was a healthcare executive, they may have a greater focus on healthcare investing. I haven’t seen any dedicated solely to medtech.  More often to a particular disease and cure.

“I don’t see many family offices that are dedicated to healthcare, they are usually quite diversified.  Sometimes, if the patriarch or matriarch was a healthcare executive, they may have a greater focus on healthcare investing. I haven’t seen any dedicated solely to medtech. More often to a particular disease and cure.”

Photo: RomoloTavani, Getty Images 

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