Great Lakes Healthcare Fund has raised $1 million from the sale of equity, according to documents filed with the Securities and Exchange Commission.
Overall, the Minneapolis-based fund is seeking $25 million.
There is little information on Great Lakes. The SEC documents lists Dave Therkelsen as CEO of the fund’s holding company, Great Lakes Healthcare Partners LLC.
The professional social networking site LinkedIn lists a Dave Therkelsen, as an asset manager for Black River Asset Management, a $5 billion hedge fund owned by Cargill Inc., although it’s not clear if he is the same person.
Therkelsen did not immediate return a phone call seeking comment.
Great Lakes is the newest and one of the largest Minnesota funds trying to raise money in a difficult economy. Coordinate Capital, the early stage venture fund affiliated with biotech investor Steve Burrill, also is seeking $25 million.
The University of Minnesota is collaborating with private real estate developers to launch a $20 million fund to back new companies housed at a planned accelerator adjacent to the school’s Biomedical Discovery District on the east side of the Minneapolis campus.
Upwind Medical Partners, based in Chanhassen, Minnesota, wants to raise $6 million to $8 million in early stage capital.
Affinity Capital and Triathlon Medical Ventures recently suspended plans to raise a $10 million early stage fund.