Bain Capital reportedly raised $900 million for its second life sciences fund and said it would pony up 20% of its own capital for the fund, aiming to back private companies on the cusp of going public and late-stage pharma concerns in need of commercial infrastructure.
The fund plans to deploy investments of $20 million to $100 million in 15 to 20 companies in the medical device, pharma, diagnostics and lab tool markets, managing directors Adam Koppel and Jeffrey Schwartz told Bloomberg.
Bain’s first life science fund pulled in $720 million in 2017 and backed 15 companies, including Solid Biosciences and Cerevel Therapeutics, the news service reported.
“We view healthcare investing – and life sciences especially – as a multidecade-long secular growth opportunity,” Koppel said. “This will continue to be a growth area because this will continue to be a priority for people. People not only want to live longer, but they want to live healthier.”
Bain also lured former Editas CFO Andrew Hack as a managing partner for the new fund, Bloomberg reported.