|Fidelity Managing Partner Stephen Knight|
Fidelity Biosciences, a big venture backer of dozens of global biotech companies, is tying up with the VC tech team at Devonshire Capital--the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments--and changing its name to F-Prime Capital.
Stephen Knight, now managing partner at F-Prime, has hinted in the past about coming up with a new name to help distinguish his group from the bigger Fidelity Investments.
"Throughout the firm's history, our scale and scope have grown with the addition of new venture funds, domain expertise and global reach," Knight said in a statement. "While our venture teams retain a strong cultural bond with Fidelity Investments, we are introducing a new name to both reflect our increased market presence and to clarify our mission as a venture capital investor in private companies apart from Fidelity Investments' mutual fund business."
Fidelity Biosciences has built up a portfolio that now includes dozens of biotech and med tech investors. The newly dubbed F-Prime Capital now has 89 company investments spread out across 5 countries and 5 funds. And Knight says you can expect even more investments as F-Prime embraces both entrepreneurs as well as academicians.
Fidelity's roster includes Adaptimmune in the U.K., Dimension Therapeutics in Cambridge, MA, and China's Innovent Biologics. It's also the sole investor in Forum Pharmaceuticals, which is focused on Alzheimer's disease.
- here's the release