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Third Rock Ventures raises $770m for its largest life sciences fund

Friday, June 07, 2019

Laxman Pai, Opalesque Asia:

Biotechnology venture capital firm Third Rock Ventures has raised $770m for its fifth fund, a sign that investor interest in funding early-stage science continues unabated despite volatile public markets.

The investment vehicle, the largest ever raised by Third Rock in its 12-year history, will support investments in 10 to 12 companies. The Boston-based firm's new fund came together quickly.

With Fund V, the firm will continue to execute on its strategy of discovering, launching and building innovative life sciences companies that have the potential to transform the lives of patients and their families.

Since its inception in 2007, Third Rock has raised $2.7bn to create companies focused in many different areas of high unmet medical need including cancer, neurological disorders, rare genetic diseases, immune disorders, and cardiovascular diseases.

To date, Third Rock has launched or invested in more than 50 companies, which all share a common goal of addressing significant medical needs through bold ideas and transformative science.

Investors in the new fund included university endowments, family offices and foundations, and the London, UK-based Wellcome Trust. Wellcome Trust has invested in all of Third Rock's venture funds.

According to the California Public Employees' Retirement System, Third Rock's first fund achieved an investment multiple of 3.7. By that metric, the fund outperformed all bar one of the 116 ......................

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