[7] ARCH Development Corporation was led by Steven Lazarus who was Deputy Dean of University of Chicago Booth School of Business.

[6][7][9] Lazarus noted that spin-off company plans were hindered by lack of external capital, so a venture fund would be created to provide it.

[3][7][8][9] It was believed to be first venture capital fund to be established between a major U.S. laboratory and university and the first to be fully pledged by a group of investors.

[6][8] In 1992, Lazarus along with Booth Graduate students, Clint Bybee, Keith Crandell and Bob Nelsen left the university to set up ARCH Venture Partners as an independent firm to raise capital.

[2][3][4][5] ARCH Venture Partners is headquartered in Chicago with additional offices in Seattle, San Francisco and Dublin.