Longitude Capital closes new $525 million life sciences fund
June 7, 2016 – MENLO PARK. Longitude Capital, a private investment firm focused on venture growth investments in biotechnology and medical technology, today announced the closing of Longitude Venture Partners III, L.P. (“LVP3”) with $525 million in partner commitments, exceeding the Fund’s target of $450 million. With this third fund, Longitude Capital managed funds have now secured over $1.2 billion in aggregate capital commitments.
“Our venture growth strategy in life sciences is rooted in building a balanced portfolio primarily of clinical-stage and commercial-stage companies at what we believe are favorable valuations that can generate attractive expected returns within three to five years,” commented Juliet Bakker, co-founder and Managing Director of Longitude Capital. “We are thankful for the strong interest from our existing and new limited partners and their support for our investment approach.”
Consistent with its predecessor funds, LVP3 will invest in private and public biotechnology and medical technology companies across all stages of development. The new Fund is expected to commit an average of $15-25 million per investment in approximately 25 companies. To date, Longitude Capital managed funds have invested in 42 different portfolio companies across its first two funds.
“The life sciences sector has entered a period of unprecedented innovation,” said Patrick Enright, co-founder and Managing Director of Longitude Capital. “Demographic trends and emerging technologies are converging to create investment opportunities with the potential to improve patient outcomes, enhance quality of life and reduce system cost. It is an exciting time to be an investor in life sciences companies.”
Longitude Capital was founded in 2006, and is led by Managing Directors Sandip Agarwala, Juliet Bakker, Patrick Enright, Marc Galletti, Gregory Grunberg, M.D. and David Hirsch, M.D., Ph.D.
SOURCE Longitude Capital