Kearny Venture Partners, a healthcare focused venture capital firm in San Francisco, has raised an initial $85 million for its latest fund.

The news was first reported by PE Week last week, and followed today by VentureWire (sub required) with a longer story. News comes in dribbles because firms like Kearny tend to raise their funds in portions.

Kearny was formed by a team from Thomas Weisel Healthcare Venture Partners, and had planned to raise $150 million total. It now plans to raise $180 million, according to VentureWire and should be completed by the first quarter of 2007.

Limited partners include CalPERS and Daiichi Sankyo Co.