Arboretum Ventures

Jan Garfinkle founded the firm in 2001 and remains founder and managing partner; Tim Petersen is the co-founding managing partner, and both are named on Form D filings for Funds III through VI. Thomas Shehab, a physician, is a managing partner and joined the Fund V filing as a signatory. Paul McCreadie serves as managing partner and chief operating officer, Dan Kidle and Jeff Terrell round out the managing partner group, and Kidle was added to the Fund VI filing in 2022. Nicole Vitullo is a venture partner who spent more than 20 years at Domain Associates, and Charity Tarn is a principal. Marcy Marshall is chief financial officer, supported by senior vice president of finance Amanda Elder and controller Evan McClelland. The firm lists 19 people plus an advisory board drawn from Optum Health, Medtronic, Google Health and CMS.

Arboretum has raised at least four institutional funds on the public record, all from Ann Arbor. Arboretum Ventures III began selling in January 2011 and closed at $136.8 million, above its original $125 million target, according to the amended Form D filed in September 2011. Fund IV followed in June 2015 with a $215 million offering, Fund V in January 2019 at $250 million, and Fund VI in June 2022, also at $250 million. Combined, the four vehicles represent roughly $852 million of offerings, consistent with the approximately $750 million the firm reports in assets under management.

Each fund has kept the same mandate: healthcare technology, medical devices, diagnostics and health services companies, generally outside the coastal venture centers, with a bias toward capital efficiency and toward businesses whose value depends on reimbursement and clinical outcomes rather than consumer adoption. Jan Garfinkle and Timothy Petersen are named on every filing from Fund III forward; Thomas Shehab joined the signatories at Fund V and Daniel Kidle and Nicole Walker at Fund VI.