Avalon Ventures Boosts Funds By $150M

La Jolla-based Avalon Ventures said earlier this week that it has closed on a new, $150M venture capital fund, Avalon VIII. The early stage investment group said that the eighth venture capital fund is the group's largest to date; LPs in the funding include Harvard Management, AlpInvest Partners N.V., Paul Capital and Grove Street Advisors, all prior investors in its last fund. Avalon has added Richard W. Levandov and Dr. Jay B. Lichter as managing directors to the firm as part of the new fund. Avalon invests in early-stage companies in biotechnology, wireless communications and Web media applications.