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RiverVest Venture Partners has raised $167.5 million for a new fund.

The fund, the fourth from the Clayton-based venture capital firm that specializes in life sciences companies, was launched in late 2017 with a target of $150 million.

Nearly 70 accredited investors contributed to the fund, which lists Jay Schmelter, John McKearn and Niall O’Donnell as executive officers. Each is a managing director at RiverVest.

Founded in 2000, RiverVest has nearly 40 portfolio companies, $342 million in assets under management and the firm has exited 20 companies.

The firm has mostly invested in companies outside of the St. Louis market but has indicated it could begin to invest more in its hometown as the startup ecosystem here, particularly in the biotech sector, has evolved.

RiverVest also announced on Wednesday that it was the lead investor in Cardialen’s $17 million Series B financing.

Cardialen is a medical device startup that was founded in St. Louis and born out of research from a Washington University professor. But the company moved to Minneapolis several years ago.

“We think Cardialen’s UPT therapy meets a unique need in the large current and potential defibrillator market,” Schmelter said in a statement. “Early UPT therapy results look promising, and we’re looking forward to partnering with Cardialen on this innovative approach.”

St. Louis-based Cultivation Capital also participated in the funding.

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