Medical fund eyes regional IPO

Notes and media contacts

For further media information, contact:
Susan Furness
Tel +9714 3903030
Mob +97150 6556126
Fax +9714 3918486

The Ascent Medical Technology Fund II, L.P. (the Fund) is being established by Ascent Private Equity II LLC to make privately negotiated investments in seed, early and mezzanine stage growth companies principally in the medical device industry and, to a lesser extent, in other medical technology industries.

To diversify access to scientific innovation, enhance the profitability of investments, and streamline proof of clinical efficacy, the Fund will be involving certain emerging markets in growing the companies in which the Fund invests.
All Fund investments will avail themselves of opportunities that exist in selected emerging economies for clinical research, manufacturing, and intellectual property. This objective will be achieved either by (1) investing in US companies which will in turn invest in joint ventures or wholly owned subsidiaries located in developing countries; or, (2) by establishing businesses directly in emerging markets.
The Fund is seeking to raise aggregate capital commitments of $100 million. The minimum commitment is $1 million for individual investors and $5 million for institutional investors. A first closing will take place when the Fund has raised a minimum of $30 million of aggregate commitments.

Fund II is a Delaware Limited Partnership. The General Partner, a Delaware Limited Liability Company, has established in Bahrain a Feeder Fund Company that is a Limited Partner of the Fund. The Bahrain Company is for those non-US investors who do not wish to invest directly into the US Fund.

The Principals of the General Partner managed Ascent Medical Technology Fund, L.P. ("Fund I") and Ascent Private Equity, LLC, established, respectively in 2000 and 1999. The advisor to the Fund, Ascent Capital Management Inc., is a US Securities and Exchange Commission Registered Investment Advisory firm. Fund I is more than 75 per cent invested, thus, enabling the principals of the General Partner to develop the Fund. Fund I has seen two harvests. The ROI is in excess of 240 per cent. All of Fund I's other investments are operating; many have seen tremendous success since the time Fund I invested in them.