Local venture capital transactions announced recently:
* HFS Private Equity Partners LLC of Reston, an investment firm, raised $25 million for its second private equity fund. The fund will make investments in mature, profitable companies that need short-term debt or equity financing to be used for expansion, acquisitions or other corporate activities.
* New Enterprise Associates of Baltimore, a venture capital firm, invested $15 million in Novacea Inc., a biopharmaceutical company based in South San Francisco, Calif. NEA and Versant Ventures led the $36 million second round of funding. Other investors included Domain Associates LLC, ProQuest Investments and Sofinnova Ventures Inc. The money will be used for continued product development of Novacea's cancer treatments.
Separately, NEA invested $10 million in CreekPath Systems Inc. of Longmont, Colo., a software-development company. NEA led the $16 million round. The money will be used for product development and to expand sales and marketing efforts.
NEA also invested $4.5 million as part of a $9.3 million first round of funding for Data Domain Inc., a data-security company based in San Mateo, Calif. The money will be used to fund operations and product development.
NEA also invested $4 million in Pinpoint Networks Inc., a telecommunications software company based in Cary, N.C.