Atlanta-based early growth equity firm NMP Management Corporation has completed fundraising for its latest fund, Noro-Moseley Partners VIII, L.P.
According to a news release, Noro-Moseley Partners raised about $30 million over its target of $150 million, making it one of the largest funds in the Southeast United States. Investors in the fund include public and sovereign pension plans, leading health plans and health systems, foundations, endowments and family offices.
“We are excited to announce the final closing of our eighth fund. We are appreciative of the strong support from both our existing LPs and a number of new LPs,” Allen Moseley, NMP’s managing partner, said in a statement. “We are proud of the strong team we have built at NMP and are committed to finding, investing in and growing exciting technology and healthcare businesses.”
The fund will focus on information technology and healthcare businesses with rapidly scaling revenue, a capital-efficient model and a clear pathway to profitability, in geographies throughout the country (excluding the West Coast).
The fund will make equity investments of $8 million to $10 million, and target companies that have between $2 million and $10 million of recurring revenue and annual growth rates above 50 percent. NMP VIII made its first investments earlier this year in BehaveCare, Inc., a care delivery platform for high-cost individuals in a health insurance plan based in Providence, R.I., and Revenue Analytics, an Atlanta-based provider of predictive analytics for pricing and revenue management.
“With NMP VIII, our strategy remains focused on identifying, investing in and working with market leading, high growth companies,” NMP’s general partner, Alan Taetle, said in a statement. “We will continue serving founders and executive teams with our domain expertise, industry contacts and strategic relationships to enhance value and support growth companies’ needs.”
Since 1983, NMP has invested roughly $800 million in 200 companies. Led by Moseley and Taetle, the firm’s current investing team also includes General Partner Spence McClelland, Principal John Ale and Vice President Ryan Collins. In two decades, the firm has invested in 65 companies. Since 2013, the firm has exited 13 companies, with an aggregate exit value of $3.3 billion, including exits for Virtustream, Wellcentive, Clearleap and Network Medical.
“We believe in our proven and differentiated investment strategy,” Moseley said in a statement. “We look forward to working closely with the entrepreneurial community, deal sources in our target markets of interest and strategic LPs to source and help grow exciting young companies with emerging market opportunities to drive strong returns to our LPs."
