NC-based Hatteras Venture Partners will manage the Pisgah Fund, targeting new and existing businesses in the 18-county region served by Dogwood Health Trust.
Asheville, N.C. – Dogwood Health Trust announced today that it has invested $25 million in the newly created Pisgah Fund, a $50 million investment fund focused solely on the 18 counties served by Dogwood Health Trust. The fund will seek out and make investments in start-up or existing high growth companies that can deliver innovative products or services to improve health in the region, and that will produce jobs for Western North Carolina residents. Hatteras Venture Partners will control the Pisgah Fund.
“The two primary purposes of this fund – to support innovations that improve health and to create jobs for people in Western North Carolina – are exactly in keeping with Dogwood Health Trust’s Strategic Priorities around Health and Wellness and Economic Opportunity,” said George Renfro, a Dogwood Health Trust Board member who chairs the foundation’s Investment Committee. “Including a fund like this as part of our overall investment portfolio allows us to dedicate more resources toward our charitable purpose of dramatically improving the health and wellbeing of all people and communities in Western North Carolina. It’s another tool in our toolbox, along with our regular grantmaking and other program related investments. We want to use every tool we can to improve lives and provide jobs for the region.”
Renfro adds that the $25M invested in the Pisgah Fund will in no way impact the foundation’s commitment to grantmaking in the region, as it will come from the organization’s corpus and not its dedicated grantmaking dollars. “By investing in the Pisgah Fund, we’re choosing to invest even more in Western North Carolina,” said Renfro. “We recognize the innovation, talent and potential we see right here in Western North Carolina. In addition to supporting the region with grants, why not use every tool we can to invest in the people and ideas here?”
“Dogwood has demonstrated their commitment to think and invest creatively when it comes to spurring economic growth and job creation,” said Matt Raker, Executive Director for Mountain BizWorks. “This investment further reinforces Dogwood’s ability to align philanthropy with business to get all economic cylinders firing – with an equity lens that ensures investments happen in rural, minority and women-led organizations. We look forward to seeing how this newest investment will enrich the economic landscape in our region.”
Hatteras Venture Partners has invested across the nation and is a leader in the southeastern United States with its headquarters in Durham, NC. Hatteras invests across the healthcare sector in biopharmaceutical, medical device, diagnostics, and health IT companies that make a difference in the lives of patients and the systems that serve them.
Given their investment background and Dogwood’s goals of improving health through innovative economic opportunities and jobs, Hatteras anticipates initially focusing efforts on engaging healthcare companies in WNC. The Fund plans to focus on high growth opportunities at various stages of development, including, but not limited to founding, seed and growth capital. Companies interested in learning more about The Pisgah Fund are encouraged to visit pisgahfund.com or send an email to [email protected].
About Dogwood Health Trust
Dogwood Health Trust is a private foundation based in Asheville, North Carolina with the sole purpose of dramatically improving the health and well-being of all people and communities of 18 counties and the Qualla Boundary in Western North Carolina. Dogwood Health Trust was created from the net proceeds of the sale of Mission Hospital System and focuses on innovative and equitable ways to address the many factors that contribute to overall health and wellness, with a focus on housing, education, economic opportunity, and access to care and health resources. Dogwood Health Trust works to create a Western North Carolina where every generation can live, learn, earn and thrive, with dignity and opportunity for all, no exceptions. To learn more, please visit www.dht.org.