Reed Jobs, son of the late Apple Inc. CEO Steve Jobs, has launched his own venture firm.
The firm, Yosemite Management, is a spin-off of Emerson Collective, his mother Laurene Powell Jobs' investment and philanthropic organization, according to a press release Tuesday. Yosemite, which is based in San Francisco, spun out of Emerson's health division, where Reed Jobs served as managing director. Jobs is leaving Palo Alto-based Emerson to head the new firm, The Information reported.
In addition to launching the firm, Jobs has closed its first fund. Dubbed Yosemite Fund 1, the fund was oversubscribed and ended up raising $200 million, according to the press release. The fund will focus on health care-related startups, specifically those focused on cancer treatments, according to the news release. Yosemite will both make traditional venture investments and offer grants.
"We're on a mission to lead the next chapter in the fight against cancer and forming our own standalone entity provides us the flexibility to best propel great ideas until they're at scale," Jobs said in the news release.
Yosemite representatives did not immediately respond to a requst for comment.
Jobs, 31, has been a managing director at Emerson since 2015, when he graduated from Stanford University with a master's degree. At Emerson, Jobs, who also has a bachelor's degree from Stanford, has led the organization's venture investments and philanthropic donations in health care. Under his lead, the organization has invested in startups including Dragonfly Therapeutics Inc., a developer of cancer treatments; Medable Inc., which helps life-science companies find patients for clinical trials; TrialSpark Inc.., a developer of treatments for skin diseases.
Joining Reed are Emerson vets Anna Darbyshire, Carrie Kibler and Daniel McHugh, according to according to a Securities and Exchange Commission filing. Darbyshire will be chief operating officer, Kibler chief compliance officer and McHugh a senior director at the new firm.
Emerson, which launched in 2004, will serve as limited partner in the fund alongside The Rockefeller University, Memorial Sloan Kettering Cancer Center, longtime venture investor John Doerr and some hospital systems. Yosemite will serve as an investment advisor to Emerson Health's legacy portfolio, ECI Health Funds, according to the release.
