A new funding source for life sciences startups? Looks like investment firm Foresite Capital is raising a new fund – to the tune of $450 million.
Hat tip to Fortune‘s Dan Primack for this one:
New fund alert: Healthcare growth equity firm Foresite Capital is nearing a final close on its third fund, which is expected to hit its $450 million hard cap, according to a source familiar with the situation. This comes just over one year since Foresite announced that it had raised $300 million for its second fund. Portfolio companies include Aduro BioTech, Intarcia Therapeutics, Sequenta and Zafgen. No comment from the firm, natch.
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MedCity News’ calls to the San Francisco-based Foresite Capital remain unreturned as well.
A quick look at Foresite’s SEC filings does not indicate a third fund worth $450 million fund as yet, so this one’s super nascent.
Just counting the first two funds, Foresite has about $650 million in assets under management, it says on its website, and invests between $10 million and $100 million in its life sciences portfolio companies.
Thus far it’s invested in 19 companies, largely in the therapeutics space – though it has a medical device startup (Sotera Wireless) in the mix as well.
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[PHOTO: Big Stock Photo]
