# Thomas, McNerney & Partners

Thomas, McNerney & Partners is a Private Equity based in Minneapolis, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 2001
- **Assets under management:** Undisclosed
- **Website:** tm-partners.com

## Regulatory record

- **Reports private funds:** No

## About

Thomas, McNerney & Partners is a health care private equity firm that invests in life science and medical technology companies. The firm's partners have collectively invested over $500 million in more than 40 entities. The firm employs a multi-stage investment approach, providing seed and early stage funding, growth capital, and participating in recapitalizations, spin-outs, and roll-ups in the pharmaceutical, medical device, and biotech sectors.

## Sectors

- Healthcare Services
- Digital Health
- Medical Devices
- Biotechnology

## Offices

- San Diego, CA
- Stamford, CT

## People

- Peter McNerney — Partner
- Jim Thomas — Partner

## Questions

### Who runs investment decisions at Thomas, McNerney & Partners?

Jim Thomas and Peter McNerney, the firm's founding partners, lead all investment decisions. Both have been at the firm since its 2001 inception and previously invested together at Coral Ventures. The partnership structure is compact, with no public indication that core investment authority has been delegated beyond the named co-founders.

### Does Thomas, McNerney & Partners invest outside of life sciences?

No. All known investment activity since the firm's founding in 2001 has been concentrated in biotechnology, medical devices, diagnostics, and healthcare services. There is no public record of the firm participating in generalist technology, consumer, or financials deals.

### How does the firm source its deals?

The firm operates from Minneapolis, San Diego, and Stamford, giving it direct proximity to three distinct research and clinical ecosystems. This multi-node structure provides independent sightlines into Midwest medical-device innovation, Southern California biotechnology, and East Coast diagnostics, rather than relying exclusively on the traditional Boston-Cambridge or Bay Area networks that many life science venture firms concentrate in.

### Has the firm had any notable portfolio company exits?

Yes. Two publicly documented exits include Ocular Therapeutix, a drug-device combination company that completed its IPO in 2014 and remains a publicly traded entity, and Inogen, a portable oxygen concentrator manufacturer that also went public in 2014 and became a durable holding in the home respiratory market. The firm's broader portfolio has included more than 50 companies, but the full exit record is not publicly itemized.

### What is the firm's current fund and when was it raised?

The most recent confirmed fund is Thomas, McNerney & Partners IV, which closed in September 2022. The firm has not disclosed the fund size or its limited partner composition. The fund family dates back to the early 2000s, and each successive vintage has maintained the firm's life-sciences-only mandate.

## Related profiles

- [Think.Health Ventures](https://altss.com/profile/thinkhealth-ventures)
- [Thorium Technology Investors](https://altss.com/profile/thorium-technology-investors)

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Source record modified: 2026-06-03T20:00:00.000Z

Last verified: not supplied by this public snapshot.

## Sources and provenance

- Organization website as recorded: https://tm-partners.com/
Source links do not imply that every field was verified on the page modification date. See [Altss methodology](https://altss.com/methodology).

Canonical page: https://altss.com/profile/thomas-mcnerney-and-partners

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology